mo4ch:>World may face ‘low price scenario’ for oil this year if OPEC plan fails, JP Morgan warns | Mo4ch News

Global benchmark Brent will remain at around last year’s lowest point in 2019 if OPEC members do not stick to the agreed output cuts, JP Morgan’s head of Asia Pacific oil and gas believes.The Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers sealed a deal on production cuts in early December in an attempt to boost the market. The cartel and its partners agreed to curb crude output by 1.2 million barrels per day (bpd), briefly sending oil prices up, before they slumped to the lowest point in more than a year.“Well, J.P. Morgan said prior to the OPEC meeting early December, that if OPEC didn’t really cut by more than around 1.2 million barrels per day, and they did just for the first half, (not) for the full year, that we could gravitate toward... our low-oil-price scenario, which is $55 Brent for 2019,” JP Morgan’s Scott Darling told CNBC on Wednesday. Also on rt.comFree fall: Oil slips to lowest since 2017 as fears over economic slowdown rattle marketBr…