Oil Could Skyrocket to $150 a Barrel in 2024, Tighter Supply for the Next Decade

Dire underinvestment in the oil industry may cause a severe supply shortage, driving oil prices to a potential $150 a barrel. JPMorgan warns of a decade-long tight supply, with a predicted shortfall of 700,000 barrels a day by 2030 due to stagnant investment, despite rising demand. This bleak outlook is echoed by OPEC+, highlighting chronic underinvestment as the root cause of escalating oil prices.