JPMorgan analysts, including Natasha Kaneva, have revised their Brent crude oil price forecasts, achieving their year-end prediction eight months early. The forecast for Brent in 2026 has been reduced from $61 to $58 per barrel, while the 2025 forecast has been lowered as well. This adjustment reflects the U.S. government's active efforts to reduce oil prices, with intervention unlikely unless prices fall to $50 per barrel.
The bank has also adjusted its predictions for West Texas Intermediate (WTI) crude, reducing the 2025 forecast to $62 per barrel and the 2026 forecast to $54 per barrel. This downward revision suggests that American shale oil producers will face significant challenges, with an anticipated reduction of 115 drilling rigs starting from July.
To stabilize the market, OPEC+ will need to consider new production cuts in 2026. These adjustments highlight the ongoing volatility and strategic maneuvers within the global oil market.
