JPMorgan Analyst Sees Energy Supercycle With Oil As High As $150

JPMorgan’s head of EMEA energy equity research, Christyan Malek, warned markets on Friday that the recent Brent price surge could continue upwards to $150 per barrel by 2026, according to a new research report.

Several catalysts went into the $150 price warning, including capacity shocks, an energy supercycle—and of course, efforts to push the world further away from fossil fuels.

Most recently, crude oil prices have surged on the back of OPEC+ production cuts, mostly led by Saudi Arabia who almost singlehanded took 1 million bpd out of the market, followed by a fuel export ban from Russia. Increased crude demand paired up with the supply restrictions, boosting crude oil prices and contributing to rising consumer prices.

“And I heard a voice in the midst of the four living creatures saying, “A ^[b]quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” Revelation 6:6

Brent prices were trading around $93.55 on Friday afternoon, but Malek expects Brent prices between $90 and $110 next year, and even higher in 2025.

“Put your seatbelts on. It’s going to be a very volatile supercycle,” Malek told Bloomberg on Friday, as the analyst warned about OPEC’s production cuts and a lack of investment in new oil production.

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