JPMorgan warned of $380 oil at cap prices for Russia

Analysts suggested that if the G7 countries impose a price cap on Russian oil, in Moscow they will respond with a reduction in production: its reduction by 5 million b / d will not cause much damage to the Russian economy, but will cause a significant increase in prices

The price of a barrel of oil could reach $380 if RUSSIA cuts production in response to US and EU sanctions , writes BLOOMBERG citing analysts at JPMorgan Chase. Now a barrel of Brent oil costs $119.

In a notification to clients, experts indicated that Moscow could reduce production by 5 million barrels. per day. At the same time, the Russian economy will not suffer significantly, unlike the rest of the world, according to JPMorgan Chase. If Russia cuts production not by 5 million, but by 3 million barrels. per day, oil will rise to $190.

According to analysts, the Russian authorities may respond to a possible reduction in oil prices by reducing exports. “There is a possibility that the [Russian] government will respond with production cuts to hurt the West,” the mailing says.

The setting of a ceiling price for Russian oil was discussed at the G7 summit, which took place this week in Germany. Bloomberg reported that participants plan to introduce a price ceiling on insurance and oil transportation. A REUTERS source told Reuters that the G7 is "on the right track to an agreement" on the issue. According to the HEAD of the European Council, Charles Michel, the EU countries are ready to take such a decision if they are convinced that it will negatively affect Russia, and not themselves.

The United States and SOUTH KOREA discussed the idea of ​​limiting the price of Russian oil Politics

South Korean news agency Yonhap reported that Washington asked Seoul to support the price cap proposal. The finance ministers of the two countries discussed this idea, and the head of the Korean Ministry of Finance, Chu Kyung-ho, asked for a specific action plan.

In early June, the European Union imposed the sixth package of sanctions against Russia with an embargo on oil supplies by sea. Russian Deputy Prime Minister Alexander Novak then admitted that by the end of the year oil prices would exceed $150 per barrel.

Pro Shares of Coinbase collapsed after the crypto. Is it worth buying them on a drawdown Forecasts Pro How companies won COURT cases with employees thanks to KEDO: mobile application as an anti-crisis sales tool Instructions Pro Participatory Capitalism. A global economy that works for progress