JPM | US Energy: OPEC+ Unwinds Cuts, 12 Ships/4 VLCCs Exit, Brent Length 3rd Percentile, Historical 2Q Precedent Points to Gains, Commodities on China, Ukraine Disables 43% of Russian Refining, Iraq Pipelines, 45Y/48E Deadline Elapses, Ev Displacement, Ri

Research evidence excerpt

JPM | US Energy: OPEC+ Unwinds Cuts, 12 Ships/4 VLCCs Exit, Brent Length 3rd Percentile, Historical 2Q Precedent Points to Gains, Commodities on China, Ukraine Disables 43% of Russian Refining, Iraq Pipelines, 45Y/48E Deadline Elapses, Ev Displacement, Ri

Brendan Henrici - Specialist Sales - US Energy AC North America Specialist Sales J P M O R G A Nbrendan.henrici@jpmorgan.com

J.P. Morgan Securities LLC 06 July 2026

JPM | US Energy: OPEC+ Unwinds Cuts, 12 Ships/4 VLCCs Exit, Brent

Length 3rd Percentile, Historical 2Q Precident Points to Gains, Commodi-

ties on China, Ukraine Disables 43% of Russian Refining, Iraq Pipelines,

45Y/48E Deadline Elapses, Ev Displacement, Rising China Metals

Demand, Latest on Gold

Brendan Henrici

+1 212 622 2729

brendan.henrici@jpmorgan.com

Key Highlights Today:

• OPEC+ Continues to Unwind Voluntary Cuts

• 12 Ships / 4 VLCCs Exit Strait Monday

• Brent Net Length in 3rd Percentile Since 2011

• Historical Precedent Points to Oil Gains

• Commodities Latest on Oil, China Demand

• Ukraine Has Disabled 43% of Russian Refining Capacity

• Iraq Approves Export Pipeline Project Studies

• 45Y and 48E Beginning of Construction Deadline Passes

• EV Displacement to Hit 9-10mbd by 2035

• Metals Activity Shows Strengthening China Consumption

• Latest on Precious Metals, Debasement

• Initiate EROC @ OW

Access, Calls & Surveys:

• SAVE THE DATE: JPM Webinar - Sustainable Investing 2026 mid-year Outlook: Focus on the Americas on July 09,

2026 at 10 am ET. Link to register.

• SAVE THE DATE: J.P. Morgan Global Energy Conference, Nov 30th-Dec 1st, in-person, London. The event will consist

of a two-day panel agenda addressing key macro, corporate and thematic topics across the energy value chain and a