Christyan Malek, the lead for EMEA energy equity research at JPMorgan, predicts that by 2026, crude oil prices could soar to $150 a barrel. Malek believes a looming energy supercycle could be the driving force pushing crude prices upward. Another significant factor, Malek points out, is the “institutional and policy-led pressures” hastening the shift from hydrocarbons.
JPMorgan’s EMEA Energy Equity Strategist Flags ‘Supercycle’
After the Organization of the Petroleum Exporting Countries’ (OPEC) decision to cut oil production, Brent and WTI crude prices have surged past the $90 per barrel mark. The year 2023 has been eventful with the unmistakable stamp of de-dollarization, the conflict between Ukraine and Russia, and energy collaborations among BRICS countries.
Just a week ago, Russia’s Tass News unveiled a significant shift: Gazprom Neft, a top Russian oil distributor, has moved entirely away from using U.S. dollars and euros. Speaking with Bloomberg in a recent broadca
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