JP Morgan sees oil prices hitting $125 in 2022, $150/bbl in 2023

"As the group's real volume potential is discovered, this should drive a higher risk premium to oil prices," the bank said in a note dated Nov. 29.

Oil rose on Thursday, with benchmark Brent crude futures around $69 a barrel, as investors adjusted positions ahead of an OPEC+ decision on supply policy, although concern the Omicron coronavirus variant could hit fuel demand capped price gains.The Organization of the Petroleum Exporting Countries and its allies will decide whether to release more oil into the market or restrain supply.

"We think OPEC+ will slow committed increases in early 2022, and believe the group is unlikely to increase supply unless oil prices are well underpinned," the bank said.Register now for FREE unlimited access to reuters.comMore from ReutersSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.

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