Oil price forecast 2025 2026 jP Morgan’s latest commodities desk

JP Morgan’s latest commodities desk model positions the "oil price forecast 2025 2026" at $88 per barrel average in 2025 and $82 in In a report sent to Rigzone back in June by the Macquarie team, Macquarie projected that Brent oil would average $70.64 per barrel in 2025 and $64.50 per barrel in 2026. In that report, Macquarie saw the WTI price coming in at $66.53 per barrel in 2025 and $60.38 per barrel in 2026. If the price of oil continues falling, that would lead to a significant decline in rig count, according to an analysis by J.P. Morgan, projecting that the rig count would fall by up to 30% to around 300 rigs. That would put us back to the rig count numbers we were seeing in 2020 during the pandemic . They caution that ESG regulatory frameworks could restrain capacity expansion, and this tension may keep prices elevated well into mid-