Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
The Israeli Walla! website: We are running out of stockpiles, our forces are exhausted, and the lives of the captives are in danger. It is time for a ceasefire deal in Gaza.
Several wounded in an Israeli bombardment of a tent in al-Mawasi, south of Khan Younis in the Gaza Strip.
Israeli media: Three wounded, three killed in an ongoing operation in the Gaza Strip.
Al Mayadeen's correspondent in southern Lebanon: Israeli artillery shelling targets the outskirts of the town of Shebaa
Al-Qassam Brigades: The targeting took place at the intersection of 'Street 5' with the western line north of Khan Younis
Al-Qassam Brigades: A NIMR armored personnel carrier carrying an Israeli soldier was targeted with an Al-Yassin missile north of Khan Younis
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes

JPMorgan: An abrupt ban on Russian oil could increase prices

  • By Al Mayadeen
  • Source: Agencies
  • 20 Apr 2022 16:21
3 Min Read

JPMorgan says an abrupt embargo on Russian crude would leave “neither room nor time to re-route [supplies] to China, India, or other potential substitute buyers.

  • x
  • JPMorgan CEO
    JPMorgan CEO Jamie Dimon (Reuters)

In a note seen by Business Insider, JPMorgan said on Tuesday that the price of oil could rise if the European Union issues an abrupt ban on Russian crude from its markets. According to the investment bank, four million barrels of Russian oil would be displaced per day in the event of a full and immediate embargo, which will result in a rise to $185 a barrel for the benchmark Brent crude. 

As per JPMorgan, a similar ban would leave “neither room nor time to re-route [supplies] to China, India, or other potential substitute buyers."

“In a slower phase-out, Russia would have more time to adjust its oil flows toward friendlier buyers and global ex-OPEC+ supply growth would have time to grow sufficiently to fill at least some of the Russia-sized hole in global oil supply,” it added.

The bank’s warning comes as the European Union considers a ban on Russian oil imports. If the EU ban were to be put in place over a 4-month period, prices would be unlikely to increase much higher than the present levels, as per the bank. Brent crude was trading up at $108.25 a barrel on Wednesday.

Related News

JPMorgan slashes 'Israel's' 2024 GDP forecast to 0.5% as war rages

From lower ratings to higher deficits, Israeli economy in hot water

No alternative to Russian oil: OPEC

OPEC Secretary-General Mohammed Barkindo warned EU ministers on Monday that current and future sanctions on Russia might cause one of the worst oil supply shocks in history, saying that it would be impossible to recover the volumes lost in such a scenario.

According to Barkindo, embargoes and other restrictions on Russian business are causing seven million barrels of Russian crude per day to leave the global market.

The OPEC official also informed the EU that the present market volatility is caused by "non-fundamental issues" outside of OPEC's control and that it is the EU's job to advocate a "realistic" approach to the energy transition.

The EU has declared preparations to join the United States and the United Kingdom in imposing an embargo on Russian energy products. However, unlike the United States and the United Kingdom, the European Union buys the majority of its energy supplies from Russia, and experts have warned that cutting off the supply may have disastrous consequences.

Germany, in particular, is bracing for the collapse of entire businesses, while the CEO of Austrian energy giant OMV has said that his country's decision to stop buying Russian gas would be "impossible."

  • India
  • China
  • European Union
  • EU
  • Russia
  • Russian special military operation
  • Europe
  • Sanctions on Russia
  • Russian Gas
  • JPMorgan
Russia & NATO

Russia & NATO

As the Draconian Western-led sanctions on Russia exacerbate the economic crisis worldwide, and as Russian troops gain more ground despite the influx of military aid into Ukraine, exposing US direct involvement in bio-labs spread across Eastern Europe and the insurgence of neo-Nazi groups… How will things unfold?

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS