JPMorgan has dramatically lowered its oil price forecast for 2026, now expecting crude to fall to $58 per barrel.
The revision signals growing concern over the breakdown of global cooperation among producers and shifting geopolitical dynamics that are reshaping the energy landscape.
One major contributor to the expected decline is Brazil’s refusal to commit to formal production cuts under OPEC+. While it remains loosely affiliated with the group, Brazil’s booming oil output and decision to chart its own course threaten to undercut efforts to manage global supply.
Within OPEC itself, unity is fraying. Saudi Arabia is facing resistance from member states prioritizing their own revenue needs over collective agreements. This internal friction could trigger another bout of instability in oil markets as early as next year.
JPMorgan’s lead commodities strategist Natasha Kaneva also points to changes in U.S. economic policy, which may offer only limited price support. Unlike other markets, oil lacks political favor in Washington, where efforts remain focused on containing inflation through lower energy prices.
Meanwhile, the BRICS bloc’s ongoing push to reduce reliance on the U.S. dollar in oil trading adds another layer of uncertainty. These de-dollarization moves may further disrupt traditional pricing structures and introduce new volatility.
All signs point to a market entering a more unpredictable phase. With fractured alliances and diverging national interests, JPMorgan’s updated outlook suggests the days of coordinated price control could be behind us.
The final days of July could bring critical developments that reshape investor sentiment and influence the next leg of the crypto market’s trend.
Tyler Winklevoss, co-founder of crypto exchange Gemini, has accused JPMorgan of retaliating against the platform by freezing its effort to restore banking services.
Renowned author and financial educator Robert Kiyosaki has issued a word of caution to everyday investors relying too heavily on exchange-traded funds (ETFs).
The classic four-year crypto market cycle—long driven by Bitcoin halvings and boom-bust investor behavior—is losing relevance, according to Bitwise CIO Matt Hougan.