A JP Morgan analyst is warning that oil could go up to $380 a barrel if Vladimir Putin decides to cut further supplies.
Global oil prices could QUADRUPLE to $380 a barrel if Putin cuts supplies even further, experts warn https://t.co/A0KUPrMXNN
— Daily Mail US (@DailyMail) July 2, 2022
I have no idea if oil would go this high in such a scenario, but it is definitely not out of the question. Especially considering how chaotic the energy markets have become because of the West’s sanctions on Russia.
Clearly, these sanctions have totally backfired but the people in charge seem to think they failed because they haven’t sanctioned Russia hard enough. So they just want to sanction harder even though all the sanctions have done is strengthen Russia’s economic position and weaken the West’s economic position.
