highlights
Oil industry lacks capital with continued caution on capital spending
In the recessionary environment, oil prices will average $80/b in 2023, but the risk of $150/b remains
OPEC+ targets an oil price floor of $80/b to keep investment interest going
According to Christyan Malek, global head of energy strategy at JP Morgan, high oil prices have not prompted a significant increase in investment, raising the risk of a hugely underserved oil market this decade.
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