<p>Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially adding supply and Russian flows recovering by mid-2023, JP Morgan analysts said in a note on Friday.</p>.<p>OPEC+, an alliance that includes members of the Organization of Petroleum Exporting Countries (OPEC) and others including Russia, is unlikely to defend the $80 price floor and hence would not need to cut production quotas this year, according to the note.</p>.<p>The group could instead add 400,000 barrels per day (bpd) to supply, it added.</p>.<p>Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday the current OPEC+ deal to cut production targets by 2 million bpd would be locked in until the end of the year.</p>.<p>With Russian output expected to see a full recovery by June and higher price levels preventing the US from repurchasing to add to its strategic petroleum reserves, the supply-demand balance will likely tighten further, J P Morgan analysts said.</p>.<p>Global benchmark Brent crude futures were trading around $84 per barrel on Friday, on track for a weekly decline on bets that tighter U.S. monetary policy could crimp demand.</p>.<p>J P Morgan also maintained its estimate for top importer China's oil demand growth of 770,000 bpd.</p>.<p>China is expected to import a record amount of crude in 2023 due to increased demand for fuel, mainly as people travel more following the dismantling of COVID-19 curbs, analysts said.</p>
<p>Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially adding supply and Russian flows recovering by mid-2023, JP Morgan analysts said in a note on Friday.</p>.<p>OPEC+, an alliance that includes members of the Organization of Petroleum Exporting Countries (OPEC) and others including Russia, is unlikely to defend the $80 price floor and hence would not need to cut production quotas this year, according to the note.</p>.<p>The group could instead add 400,000 barrels per day (bpd) to supply, it added.</p>.<p>Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday the current OPEC+ deal to cut production targets by 2 million bpd would be locked in until the end of the year.</p>.<p>With Russian output expected to see a full recovery by June and higher price levels preventing the US from repurchasing to add to its strategic petroleum reserves, the supply-demand balance will likely tighten further, J P Morgan analysts said.</p>.<p>Global benchmark Brent crude futures were trading around $84 per barrel on Friday, on track for a weekly decline on bets that tighter U.S. monetary policy could crimp demand.</p>.<p>J P Morgan also maintained its estimate for top importer China's oil demand growth of 770,000 bpd.</p>.<p>China is expected to import a record amount of crude in 2023 due to increased demand for fuel, mainly as people travel more following the dismantling of COVID-19 curbs, analysts said.</p>