JP Morgan forecasts Brent crude oil to low $60s

JP Morgan projections come via Reuters oil reporting:

• With the window of opportunity to phase out production cuts now
  closed, OPEC+ will maintain current production levels at least for
  another year
• “Under this
  scenario, our price outlook calls for Brent to average $75 in 2025,
  with prices dipping into low-$60s by year-end”
• For oil, “$60
  is not a good price for neither producers nor consumers, and OPEC
  would need to cut 1 mbd deeper, were the alliance to adhere to market
  management”
• “Given oil’s
  large underperformance in August, we shave our 4Q24 price forecast
  from $85 to $80, but keep 2025 unchanged”

A lot can happen between now and the end of 2025, no?

This article was written by Eamonn Sheridan at www.forexlive.com.