JPMorgan Slashes Demand Outlook Amid Soaring Oil Prices ...Middle East

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JPMorgan Slashes Demand Outlook Amid Soaring Oil Prices
source : OILPRICE ( Middle East ) () 12
JP Morgan revised its forecast for oil demand this year down by 1 million barrels daily, citing high oil prices. Per a report by Reuters, the bank meanwhile left unchanged its price forecast for Brent crude at $114 per barrel during the current quarter, and $104 per barrel for the year. However, if another million barrels daily disappear from global supply, the bank added, Brent crude could add another $18 to $35 per barrel above its price target. BP’s CEO Bernard Looney said earlier this week Russia had already lost 1 million bpd in output…

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