JPMorgan Says OPEC Acts to Slow Oil, May Raise Later
This article is for subscribers only.
OPEC will have to raise oil prices in coming years to maximize revenue even as it acts to quell crude’s rally toward $100 a barrel in the short term, according to JPMorgan Chase & Co.
Indications that members of the Organization of Petroleum Exporting Countries are raising output unilaterally are the first signs of a response to rising prices, said analysts at the second-largest U.S. bank by assets. Crude fell to a five-week low Jan. 24 after Ali al-Naimi, the oil minister of OPEC’s biggest member, Saudi Arabia, said the 12-member group will boost supply this year.