• About
  • Advertise
  • Contact
Wednesday, August 10, 2022
  • Login
WRITE FOR US
Economy.pk
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
No Result
View All Result
Economy.pk
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
Economy.pk
Home Business Economy

JP Morgan warns that Oil Prices could Surge to $380 a Barrel

byNews Desk
July 3, 2022
in Economy, Main
Reading Time: 2 mins read
0
crude-oil-prices
302
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

International oil prices could reach a “stratospheric” $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts, JPMorgan Chase & Co. analysts warned.

The Group of 7 nations are hammering out a complicated mechanism to cap the price fetched by Russian oil in a bid to tighten the screws on Vladimir Putin’s war machine in Ukraine.

RelatedPosts

Pakistan was headed to Sri Lanka’s ‘default-like situation’ but crisis averted — finance minister

IMF program to bring macroeconomic stability: Miftah Ismail

PSX rises over 550 points in early trade on expected UAE investment, IMF tranche

“But given Moscow’s robust fiscal position, the nation can afford to slash daily crude production by 5 million barrels without excessively damaging the economy,” the report said quoting JPMorgan analysts’ note to clients on the likely scenario.

International Oil prices up 3% on supply outages

The report indicated that the development could have severe implications for the world, as a 3 million-barrel cut to daily supplies would push benchmark London crude prices to $190.

In the worst-case scenario of a 5-million barrel cut, crude could reach “stratospheric” $380, the analysts wrote to its clients.

“The most obvious and likely risk with a price cap is that Russia might choose not to participate and instead retaliate by reducing exports,” the analysts wrote.

“It is likely that the government could retaliate by cutting output as a way to inflict pain on the West. The tightness of the global oil market is on Russia’s side.”

On Friday (1 July), oil prices rose by around 3%. This recovered most of the value lost in the previous session, as supply outages in Libya and expected shutdowns in Norway outweighed expectations that an economic slowdown could lead to lower demand.

Current Crude Oil Price

Tags: Crude OilGroup of SevenJP MorganOil PriceRussia Ukraine
News Desk

News Desk

A source of economic, political, business, finance, health and sports updates.

Related Posts

Pakistan was headed to Sri Lanka’s ‘default-like situation’ but crisis averted — finance minister

Pakistan was headed to Sri Lanka’s ‘default-like situation’ but crisis averted — finance minister

Pakistani finance minister Miftah Ismail said on Tuesday “serious worries” that Pakistan would end up like Sri Lanka, grappling with...

IMF program to bring macroeconomic stability: Miftah Ismail

IMF program to bring macroeconomic stability: Miftah Ismail

Macroeconomic stability will soon be achieved, according to Finance Minister Miftah Ismail, as all requirements for the International Monetary Fund...

Next Post
PM expresses gratitude that Pakistan made football will be used in World Cup

PM expresses gratitude that Pakistan made football will be used in World Cup

Recommended

Virgin Atlantic, a British airline, to operate more flights to Pakistan

Virgin Atlantic, a British airline, to operate more flights to Pakistan

Babar Azam Still Number 1 as Kohli Drops to 32nd in ICC T20I Batter Rankings

Babar Azam Still Number 1 as Kohli Drops to 32nd in ICC T20I Batter Rankings

Asad Raza Fruit-seller’s son, Graduates from GIK

Asad Raza Fruit-seller’s son, Graduates from GIKI

Pakistan was headed to Sri Lanka’s ‘default-like situation’ but crisis averted — finance minister

Pakistan was headed to Sri Lanka’s ‘default-like situation’ but crisis averted — finance minister

PKR gains Rs2.54 against dollar in interbank

PKR gains Rs2.54 against dollar in interbank

National Savings Begins Shariah-Compliant Investment

National Savings Begins Shariah-Compliant Investment

Connect with us

Twitter

Economy.pk

Economy.pk touches diverse topics with a lighter note and is geared toward audiences with various interests and all ages. Come and explore Economy.pk. Ample details and analysis are provided in extraordinarily readable manner making them compelling and interesting at the same time.

Category

  • World
  • Politics
  • Business
  • Technology
  • Education
  • Health
  • Life & Style
  • Opinions

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin

Sitelinks

  • Sitemap

Download our APP

download on android app download on apple app
  • About
  • Advertise
  • Contact

© 2022 All Rights Reserved Economy.pk | Designed & Developed by Digital Otters

  • LATEST
  • World
    • Europe
    • Americas
    • Asia
    • Oceania
    • Africa
    • Canada
    • Middle East
  • Finance
  • Politics
  • Business
    • Economy
    • Finance
    • Entrepreneurship
    • Real Estate
  • Technology
    • Cyber Security
    • Mobiles
    • Social Media
  • Education
  • Sports
  • Life & Style
    • Personalities
    • Art
    • Culture
    • History
    • Entertainment
    • Fashion
    • Food
    • Health
      • Environment
      • Fitness
  • Sponsored

© 2022 All Rights Reserved Economy.pk | Designed & Developed by Digital Otters

No Result
View All Result

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In