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Story summary
- JPMorgan Chase & Co. forecasts a challenging two-year outlook for crude oil producers as supply grows three times faster than demand.
- Oil prices have fallen about 15% year-to-date, with a possible 50% drop by end-2027.
- Non-OPEC+ producers, including the United States, drive the imbalance and could yield a 2.8 million bpd surplus in 2026.
- Brent could fall to the low-$30s per barrel by 2027.
