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JPMorgan Sees Risk of $185 Oil If EU Acts Quickly on Russia Ban

  • Full and speedy ban would affect more than 4 million b/d
  • Slower phase-out like coal ban may leave prices unaffected

If the European Union is serious about squeezing Russian oil, it may need to brace for some pain.

A full and immediate ban could displace more than 4 million barrels a day of supplies -- propelling Brent prices up by around 65% to $185 a barrel, JPMorgan warns. And there wouldn’t be enough appetite or time to re-direct the barrels to China and India, analyst Natasha Kaneva says.