JP Morgan reduces an oil price view for 2019


The signature JP Morgan Reduce the sight for oil to ensure that Brent's raw prices are $ 73 per barrel in 2019, lower than a pre-imitation; Previous banking of $ 83.50 per barrel.

Scott Darling, the head of the oil and gas department at JP Morgan's Asia-Pacific said that growth in supply will be a major emphasis on its supply. price, especially after the Petroleum Reformation Agency (OPEC) agreed to bring forth the product early. this year.

The demand that is slower to & # 39; Emphasizing prices in 2019 and 2020, JP Morgan, one of the oldest financial services companies in the world, said a report with CNBC News financial news.

The company expects the Brent price, the international oil signature, amounting to $ 64 in 2020.

Darling said he had reviewed his / her opinion to a degree due to an increase in the second half of the year.

The market is now focusing on the next meeting of the oil group on 6 December at its headquarters in Vienna, along with Russia and other representative countries, to guide the opportunities.

Darling identified the need for OPEC to reduce oil production of 1.2 million barrels per day over the next year to allow the energy market.

Oil prices have risen dramatically last year, with rising prices to multi-year increases in October as a result of the US President Donald Trump's decision to go to, Issues on Iran.

The largest third-party OPEC sanctions have imposed an increase in oil prices for much of the year.

The main oil remit points were brought up to four year increments a month before the execution of the sanctions, but this revival has dropped in particular from that time.

Oil prices have fallen by 30 per cent since the beginning of October, have been swept down with a wider marketing of sales and consensus. Increasingly, the supply will exceed the next year's request.

"The policy of the United States policy is to be pushed down … (but) the price is still driven by supply and demand," said Darling.

His comments came after President Trump defended himself from Saudi Saudi, and thanked the nation to help control oil prices, even among them. investigating support for Riyadh after journalist Jamal Khashoggi was murdered.

The government of Saudi Arabia has been responsible for Saudi Arabia to increase production and confirm other representatives to pump more oil to influence & # 39; a restriction policy to Iran.

However, Saudi Arabia aims to broadcast the OPEC decision in December to cut cuts.

Source link