The Organization of Petroleum Exporting Countries, supplier of more than 40 percent of the world’s oil, agreed last year to three production cuts as the slowing world economy sapped demand for crude.
JPMorgan raises 2010 Brent oil price forecast to USD 65.50
US investment bank JPMorgan Chase & Co. increased its average Brent crude oil price forecast for 2009 to 55.50 dollars a barrel, from 49.00 dollars as the global economy may recover later this year, Bloomberg News reported.
