JP Morgan Warns of $380 Oil After Price Cap. Analysts from US investment bank JP Morgan (NYSE:JPM) warned that in case a price cap is introduced on Russian crude, the subsequent (deliberate) cutting of oil production could send oil prices more than tripling to $380 per barrel.

Saudi Arabia and Kuwait Want More Crude from Neutral Zone. Negotiators from Riyadh and Kuwait met this week to discuss ways to develop output from the jointly managed Neutral Zone, seeking to move the current production of 175,000 b/d to the nameplate capacity of 500,000 b/d.