In the next OPEC+ meeting, Russia will likely suggest cutting the group’s collective output by one million barrels per day. As one of the largest members of the group, the country’s decision is expected to hold weight. This move can push Brent above the $90 per barrel mark.
Moreover, JPMorgan Chase & Co. (JPM) recently forecasted that the Brent crude prices could head toward $100 a barrel as supply grows tighter in the near term. Moreover, global oil demand is expected to rebound by about 1.50 million a barrel in the last quarter of this year, especially due to the increasing switch toward oil amid the natural gas crunch.
