Oil unlikely to break above $100/bbl this year: J P Morgan

Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially adding supply and Russian flows recovering by mid-2023, JP Morgan analysts said in a note on Friday.

OPEC+, an alliance that includes members of the Organization of Petroleum Exporting Countries (OPEC) and others including Russia, is unlikely to defend the $80 price floor and hence would not need to cut production quotas this year, according to the note.

The group could instead add 400,000 barrels per day (bpd) to supply, it added.