J.P.Morgan expects Brent prices to remain flat in 2024, averaging $83 a barrel, edging further down in 2025 and averaging $75 per barrel.Brokerage says see sustained demand of 1.6 million barrels a day in 2024, with non-OPEC supply matching growth. Global oil demand growth could decelerate to 1 million barrels a day in 2025, with non-OPEC+ supply potentially surging and the global market likely shifting into a surplus, could lead to OPEC+ members deepening current cuts by a million barrels per day. Brokerage expect Saudi Arabia and Russia to extend their voluntary production/export cuts through Q1 2024
(Reporting by Seher Dareen in Bengaluru)