Crude could crash into the $30s by FY27: JP Morgan flags deepening oversupply risks

CHENNAI: Crude oil could be headed for a sharp and prolonged downturn, with prices potentially slipping into the mid-to-high $30-per-barrel range by the end of FY27, according to JP Morgan’s latest commodities outlook. The global investment bank warns that a widening supply surplus, driven mainly by strong non-OPEC+ production, could overwhelm demand growth and depress prices unless major producers intervene with deeper output cuts.