Weeks later, the coronavirus pandemic set off an epic collapse in oil prices as demand imploded. Though demand remains depressed, JPMorgan still thinks a bullish oil supercycle is on the horizon. Oversupplied oil markets will flip into a "fundamental supply deficit" beginning in 2022, according to a JPMorgan report published June 12. That implies oil prices will go through the roof," he said. But Saudi Arabia needs much higher oil prices to balance its massive budget, with breakeven at about $80 a barrel.

Source: CNN June 18, 2020 18:33 UTC