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If the G7 countries impose cap prices on Russian oil

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This will lead to a reduction in its supply, according to the American bank JPMorgan Chase & Co. Against this backdrop, the price of oil could rise to $380 per barrel, bank analyst Natalya Kaneva predicts.

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In her opinion, Russia’s “strong financial position” allows it to reduce daily crude oil production by 5 million barrels “without undue damage to the economy.” However, “for much of the rest of the world, the results could be disastrous,” according to JPMorgan. Analysts estimate that a 3 million barrel cut in daily oil supplies would push oil prices up to $190. The worst-case scenario is a reduction in supplies by 5 million barrels, which will lead to an increase in oil prices to “stratospheric” $380.

“The most obvious and likely risk of limiting prices (on Russian oil. – Kommersant) is that Russia may refuse such an option and instead retaliate by reducing exports. It is likely that the government (of Russia. – Kommersant) may retaliate by cutting production to hurt the West. The density of the global oil market is on the side of Russia,” analysts are convinced (quoted by Bloomberg).

In June, G7 leaders instructed their ministers to look into imposing price caps on Russian oil and gas. The G7 countries also intend to discuss this initiative with third countries. This topic has already been discussed with China and India, as well as with South Korea. The United States expects to advance in the discussion of the issue in July.

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