Speaker:    Natasha Kaneva, Head of Global Commodities Research   Our Brent outlook continues to project a tightening market with prices rising from here by another $10 by May with zero risk premium and a 400 kbd unwind of voluntary cuts. So how do we get there? Same as in the third quarter of last year, via a drop in inventories. On a global scale, the world’s onshore crude inventories sit at 4.4 billion barrels—a record low since the start of 2017, when Kpler began tracking the data. Incoming demand data suggest an improving rather than cooling global economy while OPEC+ crude exports have been declining.   This podcast was recorded on Feb. 9, 2024. This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-4620490-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2024 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.