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Worst-Case Russian Cuts Could Result in 380$/bbl

OIL

JPMorgan analysts warned a worst-case scenario of Russian retaliatory cuts could lead to 380$/bbl oil.

  • Russian could choose to cut production if G7 nations managed to agree a way to cap the price of Russian oil. Russia can afford to cut daily crude production by 5bpd without excessively damaging the economy according to a client note from JPMorgan.
  • The analysts suggest a 3mbpd cut could drive Brent to $190, but a worst-case scenario cut of 5mbpd could result in “stratospheric” $380 crude.

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