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Oil rises to $185 a barrel if EU suspends imports of Russian crude

The French finance minister confirmed that the EU is discussing an embargo on Russian crude. JPMorgan Chase pointed out that if the European Union immediately announced a suspension of Russian crude oil imports, oil prices will soar to an all-time high of $185 a barrel. ZeroHedge, Business Insider, Oilprice reported that JPMorgan Chase reported on Tuesday (19th) that if the European Union immediately embargoes Russian crude oil, 4 million barrels of Russian crude oil per day will have nowhere to go, and Brent crude oil will rise. to $185 a barrel. The ban would leave no buffer for Russian crude to be diverted to China, India or other alternative buyers. Brent crude oil closed at $107.25 on the 19th; compared with this, the oil price of $185 is equivalent to a 72% surge. However, an immediate total embargo is not JPMorgan's baseline forecast scenario. JP Morgan estimates that if the EU imposes a gradual embargo on Russian crude, as it did with Russian coal, oil prices won't be much higher than current levels. The EU's Russian coal embargo was issued in early April and only came into effect in August.
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