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Brent prices could soar to a "stratospheric" $380 a barrel in "the most extreme scenario" of Russia slashing oil production by 5 million barrels per day(bpd) in retaliation to the price cap being considered by the Group of Seven, analysts at J.P. Morgan said in a note dated July 1. G7 economic powers agreed last week to explore imposing a ban on transporting Russian oil that has been sold above a certain price, aiming to limit Moscow's ability to fund its invasion of Ukraine, which Moscow describes as a "special operation".
