JPMorgan warns oil may hit $380 a barrel if Russia begins retaliatory production cuts

Follow-ups -eshrag News:

Sun, 2022-07-03 13:08

RIYADH: Amid ongoing geopolitical tensions and skyrocketing energy rates, global oil prices may hit $380 a barrel if the US and European curbs compel Russia to inflict retaliatory crude output cuts, Bloomberg reported citing analysts at JPMorgan Chase & Co.

It was after Russia’s invasion of Ukraine that the Western allies led by the US imposed several sanctions, and worked out a complicated mechanism to cap the price fetched by Russian oil.

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