JP Morgan predicts oil prices could drop to $30s by 2027

Business Nov 26, 2025

JP Morgan thinks oil prices might tumble to the $30s by 2027, thanks to a global oversupply that's set to outpace demand.
If this happens, countries like India—where fuel costs hit everyone's wallet—could finally see some relief at the pump.

What's causing the price drop?

The big reason is a surge in oil production outside of OPEC+, especially from new offshore projects and more shale drilling.
By 2026, the oversupply (glut) could widen to 2.8 million barrels per day, pushing prices below $60 next year and possibly down to around $42 (or even into the $30s) by 2027.