JPMorgan forecasts Brent crude to fall to $57 by 2027

JPMorgan forecasts Brent crude oil to hit $57 per barrel in 2027, down from $58 in 2026

JPMorgan predicted Brent crude to be $57 per barrel in 2027 and West Texas Intermediate (WTI) at $53, while maintaining its estimates for 2026 at $58 and $54, respectively.

It also predicts that global oil demand will grow by 900,000 barrels per day (bpd) to 105.5m bpd in 2025, and similar gains are expected in 2026 and then accelerated to 1.2m bpd by 2027, as reported by Reuters.

However, JPMorgan forecasts that global oil supply will outpace the demand, with half of the increase in supply coming from outside the OPEC+ alliance, driven by massive offshore projects and the continued strong momentum of global shale oil production.

According to the bank, demand growth remaining within the range of 800,000 to 1.3 million bpd over the next two years will be sufficient to maintain market balance, provided that OPEC+ maintains stable production levels.