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JP Morgan: Oil Price Could More Than Triple If Russia Decides to Cut Output

The economy is becoming less and less stable every day. For inflation to slow, many things have to go right at the same time, and that doesn't seem to be happening any time soon.

by Jack Phillips
July 3, 2022
in Opinions
Oil Prices

NOQ Report Is Moving to AmericaFirstReport.com

Analysts with JP Morgan Chase said the price for a barrel of oil could more than triple if Russia decides to cut its output amid record-high gas prices.

Article by Jack Phillips from our premium news partners at The Epoch Times.

The current price for a barrel of oil stands at around $110, but that could increase to a “stratospheric” $380 per barrel if Russia acts to cut output, JP Morgan’s analysis wrote in a note, according to Bloomberg News.

“It is likely that the government could retaliate by cutting output as a way to inflict pain on the West,” the analysts wrote in what they described as a worst-case scenario. “The tightness of the global oil market is on Russia’s side.”

JP Morgan analyst Natasha Kaneva said that Russia cutting production by 3 million barrels a day would push global prices to $190 per barrel. And the worst-case scenario, she added, would be if Moscow cut 5 million barrels per day, which could send the price to $380.

Since the start of the Ukraine conflict on Feb. 24, Western nations have hit Russia with punishing sanctions. However, Russia supplies much of Europe with oil and natural gas. The United States, meanwhile, has blocked all Russian oil exports since March.

JP Morgan’s analysts added that if the West continues to target Russia’s oil industry, the Kremlin may not play along.

“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 note said, according to Bloomberg.

Data from AAA shows that the nationwide average for a gallon of regular gas currently is hovering around $4.81 as of Sunday, a slight decline of about 10 cents from the previous week.

US Response

Last week, when asked about how long Americans should expect to pay high gas prices, President Joe Biden claimed that they will continue to be elevated as long as the conflict takes to resolve.

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“As long as it takes so Russia cannot in fact defeat Ukraine and move beyond Ukraine,” Biden told reporters on June 30. “This is a critical, critical position for the world. Here we are. Why do we have NATO? I told Putin that in fact, if he were to move, we would move to strengthen NATO. We would move to strengthen NATO across the board.”

White House economic adviser Brian Deese said that Americans should pay high prices because it “is about the future of the liberal world order, and we have to stand firm.”

Biden also attempted to shift the blame to gas stations for the higher prices, writing on Twitter: “My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril. Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.”

He did not provide any examples of how gas stations could “bring down the price.” It’s also not clear if he was writing to individual gas station owners, companies, or individuals who own many franchises.

A day later, Pentagon press secretary John Kirby defended the Twitter post in a Sunday morning interview with Fox News.

“If everybody cooperates on this, we can bring the price down at least by about a dollar a gallon,” Kirby remarked, “so he’s working very, very hard to do this because he knows the impact that high gas prices have on the American household.”

Image by Lisa Johnson from Pixabay.

“Nations, states, and central banks are quietly but rapidly shifting their money to precious metals. With bank runs, recession, CBDCs, and worse on the horizon, it’s easy to see why. NOW is the time to learn more about moving portions of your retirement or wealth to a self-directed gold and silver IRA through an America-First, Christian precious metals company.” – JD Rucker (not a financial advisor, just a guy who’s paying attention)



We Often Feel Like David Taking on Giants

Today’s Goliath is the Mainstream Media Industrial Complex that brainwashes the masses.

Our mission is very straightforward: To counter the false narratives and nefarious agendas destroying America today. It isn’t easy for obvious reasons; despite incredible growth over the last year we are still a very tiny fish in a huge media pond. But we’re fighting and we will continue to do so, Lord willing, for as long as we possibly can. The battle for America’s present and future is too important for us to back down to the giants that stand in our way.

We need help. I don’t want to say “desperately,” but the need is definitely great. If you have the means, please donate through our GivingFuel page, PayPal, or our Substack page. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.

Thank you, and God Bless!

JD Rucker


Covid variant BA.5 is spreading. It appears milder but much more contagious and evades natural immunity. Best to boost your immune system with new Z-Dtox and Z-Stack nutraceuticals from our dear friend, the late Dr. Vladimir Zelenko.

Why We “Moderate” a Commentor’s First Post

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