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A barrel could hit $380 if Russia cuts production due to cap, JPMorgan says

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JPMorgan analysts estimated that Brent oil prices could reach 380 US dollars (or a little more than 2 thousand roubles). barrels if Russia cuts its output by five million barrels per day (bpd).

During the meeting held last week. The G7, a group of the world’s richest nations, has agreed to explore a ceiling on Russian oil to reduce Moscow’s revenues that finance the war in Ukraine.

JPMorgan further estimated that Moscow may not agree to the ceiling and thus retaliate by sharply cutting its output by up to five million barrels per day. “Without excessive damage to his economic interests”. it is said in the bank’s report.

Russian Deputy Prime Minister Alexander Novak said last week that they are trying to limit Russian oil prices may lead to market imbalances.

The event may directly affect Brazil. Since the government of Michel Temer, the fuel price policy has been through international parity.

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