Deutsche Bank expects crude oil prices to drop considerably next year, dipping below $60 per barrel in New York, the bank said in a note. “It would be misguided to think of an OPEC pause on Thursday as bullish, since we have assumed that in our model and still end up with a surplus in Q1,” the Deutsche analysts said, as quoted by Bloomberg. “We would be sellers of a rally in crude on the back of an OPEC pause,” they also said. Most other banks are forecasting higher prices for crude oil: JP Morgan analysts recently forecast Brent crude reaching $125 per barrel in 2022 and rising further to $150 in 2023. “OPEC+ is not immune to the impacts of underinvestment…. We estimate ‘true’ OPEC spare capacity in 2022 will be about 2 million barrels per day (43%) below consensus estimates of 4.8 million,” the team, led by […]