“Russia’s policymakers will likely address the challenge of the oil price cap from the position of strength,” JPMorgan’s analysts said. “Russia had already showed its willingness to withhold supplies of natural gas to EU countries that refused to meet payment demands.”
JPMorgan said that it’s probable that Russia cuts its output by 3 million barrels per day, which could send oil prices to $190 a barrel. Production stood at just over 10 million barrels a day in May, according to Moscow financial newspaper Vedomosti.
