JP Morgan sees crude supply cuts nearing 12 million bpd as tanker halt tightens markets

Nearly 12 million barrels per day of crude supply cuts are expected by the end of next week, according to JPMorgan, exacerbating physical-market deficits. The pressure is driven by a two-week disruption to tanker movements through a key Middle Eastern waterway, likely tightening global oil balances and putting upward pressure on prices.

Analysis

Nearly 12 million barrels per day of crude supply cuts are expected by the end of next week, according to JPMorgan, exacerbating physical-market deficits. The pressure is driven by a two-week disruption to tanker movements through a key Middle Eastern waterway, likely tightening global oil balances and putting upward pressure on prices.