Among the most bullish predictions, JP Morgan expects $185 oil by the end of 2022 if disruption to Russian exports lasts that long, although its average for the year was $98.
The highest average predictions for 2022 were Rabobank and Raiffeisen with $111.43 and $110 respectively.
“The risk premium is going through the roof,” said Christian Reuter, NORD Landbk’s senior director of sector strategy, with the Organization of the Petroleum Exporting Countries and allies also unable to adequately compensate the shortfall.
“Prices could spike to $150 a barrel and even higher if the U.S. and allies take even more aggressive steps to reduce oil exports from Russia, as there is not sufficient spare capacity to offset a significant reduction in Russian exports,” said John Paisie, president of Stratas Advisors.
