Oil supply wave to hit market, Javier Blas warns

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Parshwa Turakhiya

03.07.2026

Oil supply wave to hit market, Javier Blas warns — JPMorgan bearish as oil supply rises

Javier Blas, energy and commodities columnist, journalist, author at Bloomberg, highlights a shift in JPMorgan's oil market outlook.

According to Blas, JPMorgan, previously favored by oil bulls for its $200 warning in March, has now adopted a bearish stance. The bank suggests a surge in oil supply is about to enter the market, while current demand remains subdued.

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Blas previously reported that China’s oil imports in May fell 38% from the 2025 average. He also estimated that Iran could earn $60-$70 billion a year in oil revenue if exports return to pre-war levels. These developments have added new factors to the global oil supply outlook.

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