JPMorgan’s commodities research team predicts Brent crude will average above $100 per barrel in 2026, underpinned by persistent underinvestment in upstream projects and accelerating global energy demand that outpaces production growth. The bank highlights inventory draws and tight spare capacity as key drivers sustaining elevated prices.

Saudi Aramco’s CEO cautions that oil markets won’t return to historical supply-demand balance until 2027, even as OPEC+ raises output by roughly 2 million barrels per day this year. He points to delayed project sanctions and rising consumption in emerging economies as factors prolonging global deficits and bolstering futures pricing.