JPMorgan: Oil Prices Are Unlikely To Hit $100 This Year

Brent Crude prices are not expected to reach $100 per barrel in 2023 unless a major geopolitical event rattles markets again, according to JPMorgan. The OPEC+ alliance could add 400,000 barrels per day (bpd) to supply this year, and Russian exports could recover by the middle of 2023, JPMorgan said in a Friday note carried by Reuters. Russian crude oil production is expected to recover by June, while high price levels would prevent the U.S. from repurchasing crude to refill the Strategic Petroleum Reserve (SPR), according to the Wall Street bank.…