Oil prices to reach $380 a barrel if Russia cuts more off: Experts have cautioned that oil prices could soar to ‘stratospheric’ levels because of sanctions imposed by Western countries.

If Russia responds to sanctions with reductions in crude oil output, the authors of a current report by JP Morgan Chase forecast that worldwide oil prices could hit a staggering high of $380 (£313) per barrel.

It was reported last week that G7 leaders will begin investigating the options concerning imposing likely price caps on Russian oil and gas imports.

This step could further reportedly force Gazprom to change the terms of current contracts.

The analysts debated that the “most obvious” and probable risk with the price cap is that Russia could decide not to participate but rather retaliate by lowering exports.

JP Morgan cautioned a 3 million barrel cut to supplies daily would shove London’s crude oil prices to nearly $190 (£156) per barrel.

According to Bloomberg, a decrease of 5 million barrels a day would convert to a price of £380 a barrel.

Oil prices to reach $380 a barrel if Russia cuts more off

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