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.
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.”…