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By
Joe Carroll July 1, 2022 at 3:59 PM EDT
CL1WTI Crude108.43USD/bbl.+2.67+2.52%JPMJPMORGAN CHASE114.05USD+1.44+1.28%
Global 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 Seven 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. 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, JPMorgan analysts including Natasha Kaneva wrote in a note to clients.
For much of the rest of the world, however, the results could be disastrous. A 3 million-barrel cut to daily supplies would push benchmark London crude prices to $190, while the worst-case scenario of 5 million could mean “stratospheric” $380 crude, the analysts wrote.
“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.”
Original Source: https://www.bloomberg.com/news/articles/2022-07-01/jpmorgan-sees-stratospheric-380-oil-on-worst-case-russian-cut
(TSX.: JCO | OTC: JROOF)
Find out why we are Active Buyers of Jericho Oil.
Date: Wednesday, December 4, 2019
Time: 4:10 p.m. ET / 1:10 p.m. PT
Webcast: https://edge.media-server.com/mmc/p/4tn2rjeh
Live Call: US/CAN Toll-Free (844) 467-7112 or US/CAN/International (409) 220-9938
Replay: US/CAN Toll-Free (855) 859-2056 or US/CAN/International (404) 537-3406
Replay Passcode: 6592057
About Jericho Oil Corporation
We have enclosed our last interview with CEO Mr. Williamson for your review conducted last year.
Contact Jericho Oil:
Adam Rabiner a.rabiner@jerichooil.com
https://youtu.be/vwRcV8dPYLk
(TSX.: JCO | OTC: JROOF)
Find out why we are Active Buyers of Jericho Oil.
Jericho Oil’s CEO -Mr. Williamson stated, “I look forward to updating listeners on Jericho’s solid balance sheet positioned for growth, our current operations and the state of the challenged oil and gas industry, at large. With the continued backing of key long-term shareholders, our Company has been extremely active in looking at distressed and complementary acquisition opportunities that would provide significant growth, value creation and potential synergies for Jericho. Given investor apathy towards many oil companies, valuations remain well below what many view as sustainable and the current lack of attention and investment dollars for the space presents significant dislocations in value. We are well suited to take advantage during these times:
We have enclosed our last interview with CEO Mr. Williamson for your review conducted last year.
Contact Jericho Oil:
Adam Rabiner a.rabiner@jerichooil.com
https://youtu.be/vwRcV8dPYLk
