Putin could push oil up to $380/bbl per JPMorgan

[dan_s]

JPMorgan Sees ‘Stratospheric’ $380 Oil on Worst-Case Russian Cut
ByJoe Carroll
July 1, 2022, 2:59 PM CDT

Global oil prices could reach a “stratospheric” $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts, JPMorgan Chase & Co. analysts warned.

The Group of Seven nations are hammering out a complicated mechanism to cap the price fetched by Russian oil in a bid to tighten the screws on Vladimir Putin’s war machine in Ukraine. But given Moscow’s robust fiscal position, the nation can afford to slash daily crude production by 5 million barrels without excessively damaging the economy, JPMorgan analysts including Natasha Kaneva wrote in a note to clients.

Read more: https://www.bloomberg.com/news/articles ... #xj4y7vzkg

Conclusion: "The tightness of the global oil market is on Russia’s side.”