FACTBOX-JPMorgan sees Brent crude oil at $57 a barrel, WTI at $53 in 2027
Nov 25 (Reuters) - JPMorgan on Monday forecast Brent at $57 a barrel and WTI at $53 in 2027, while leaving its 2026 forecasts unchanged at $58 and $54, respectively.
The Wall Street bank said in a note that it expects global oil demand to rise 0.9 million barrels per day (bpd) in 2025 to 105.5 million bpd, with a similar increase in 2026 before accelerating to 1.2 million bpd in 2027.
Supply, however, is projected to outpace demand by a wide margin — expanding at roughly three times the rate of consumption in both 2025 and 2026, before moderating to about one-third that pace in 2027.
JPMorgan said nearly half of the supply growth will come from non-OPEC+ producers, underpinned by strong offshore developments and continued strength in global shale output.
Brokerage/Agency | Brent | WTI | Forecasts as of | ||
| 2025 | 2026 | 2025 | 2026 |
|
JP Morgan | $68 | $58 | $65 | $54 | November 24, 2025 |
Macquarie | $68 | $61 | $64 | $57 | September 30, 2025 |
Commerzbank | - | $65 | - | $62 | September 9, 2025 |
Goldman Sachs | $66 | $56 | $63 | $52 | July 14, 2025 |
Barclays | $66 | $60 | $62 | $56 | May 4, 2025 |
HSBC | $68.5 | $65 | $65.4 | $62 | April 15, 2025 |
BofA | $65 | $70 | $61 | $66 | April 14, 2025 |
Citi | $67 | $65 | $63 | $62 | January 22, 2025 |
Deutsche Bank | $72 | $72 | $68 | $68 | January 15, 2025 |
Morgan Stanley | - | $70 | - | - | January 13, 2025 |
BMI | $78 | - | $79 | - | November 07, 2024 |
NAB | $78 | - | - | - | October 06, 2024 |
HSBC | $70 | - | $67 | - | September 30, 2024 |
UBS | $75 | - | $71 | - | September 16, 2024 |
DNB | $77 | - | - |
| August 20, 2024 |
indicates end-of-period forecasts
# current as of given date, may not indicate date of revision
For a table of crude price forecasts as per Reuters' latest monthly poll, see OILPOLL
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