WASHINGTON: Experts at US investment bank JP Morgan have warned that oil prices could reach 80 380 a barrel.
According to media reports, analysts affiliated with the US investment bank JP Morgan have warned that if Russia cuts oil production in response to US and European sanctions on Russia after the invasion of Ukraine, it will be for the world. Can be devastating.
Analysts at JPMorgan say Russia is currently in a strong financial position and can afford to lose 5 million barrels a day in daily crude production without hurting its economy.
He says if Russia cuts oil production by 3 million barrels a day to the detriment of European countries, the price of crude oil in London will reach 190 190 a barrel.
And if Russia cut production by 5 million barrels per day, the price of crude oil in the world market would reach 80 380 per barrel.