JPMorgan: Oil may rise to "stratospheric" $380 without Russia

"Global oil prices could reach a "stratospheric" $380 per barrel if US and European sanctions prompt Russia to cut oil exports.

The possibility of introducing an oil price ceiling for Russian raw materials, discussed at the G7 meeting, could cause a "seller's strike" on the part of Russia and have a negative impact on the global oil market, banking analysts warn."

 "Seller's strike" means refusal by the seller, Russia, to sell the oil for too low price discussed by G7. Did G7 forget  how does the market work?