Arab Steel Summit
Arab Steel Summit
steel Oribis
steel Oribis
steel Oribis

JP Morgan warns oil prices will rise to $185 if Russian oil imports are banned

US investment bank JP Morgan warned that the price of oil could reach $185 a barrel if the European Union decides to impose a speedy ban on the import of oil and natural gas from Russia.

Natasha Kaneva, an economic analyst at the bank, said that any immediate ban on Russian oil would prevent 4 million barrels per day from reaching the European market, and there would be neither enough desire nor enough time to direct this amount of Russian oil to China and India as alternative markets to the European Union.

A gradual moratorium on imports of Russian oil over four months, as the European Union has done with imports of Russian coal, could help avoid any significant disruption to the crude price, Bloomberg News Agency quoted Kaneva saying.

At the same time, the base scenario of the US bank is more conservative, as it is expected to reduce EU imports of Russian oil by 2.1 million barrels per day by the end of this year.

In practice, the abandonment of Russian oil was slower than initial expectations, as the US Bank expects a decline in Russia’s oil exports by 1.5 million barrels per day during the current month, which is 25% less than the initial estimates of the decline.

Moreover, exiting long-term contracts with Russian companies will take time.



Related News

Arab Steel Summit

Latest News

Arab Iron and Steel Union

لوريم ايبسوم هو نموذج افتراضي يوضع في التصاميم لتعرض على العميل ليتصور طريقه وضع النصوص بالتصاميم سواء كانت تصاميم مطبوعه لوريم ايبسوم ليتصور طريقه لوريم ايبسوم.

About AISU

Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.


92 Members

28 Board of Directors

17 Country

300.000 Employees

Subscribe Newsletter

Contact us

General Secretariat
Tel +21323304221 Fax +21323304254
Mail: relex@solbarab.org

Cairo Regional Office
Tel +20233356219 Fax +20233374790
Mail: aisucairo@solbarab.org