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JPMorgan Slashes Oil Forecast to $58 as Brazil Defies OPEC+
JPMorgan Slashes Oil Forecast to $58 as Brazil Defies OPEC+
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JPMorgan has sharply revised its oil price forecast to $58 per barrel for 2026, signaling heightened volatility in energy markets. The adjustment reflects Brazil''s refusal to adhere to OPEC+ production agreements, alongside Saudi Arabia''s struggling oil policy. These shifts coincide with broader de-dollarization efforts by BRICS nations.
Natasha Kaneva, J.P. Morgan''s head of Global Commodities Strategy, emphasized the structural changes underway. Brazil''s defiance stems from its strategic focus on maximizing output from offshore fields—crude oil remains its top export commodity. Alexandre Silveira, the country''s Mines and Energy Minister, confirmed Brazil''s independent stance.
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