Oil prices will jump to $300 a barrel if the West abandons Russian oil, the country’s Deputy Prime Minister and former energy minister Alexander Novak said on Monday, adding that “some see it possibly reaching $500-a-Barrel oil.”

The warning comes as the EU plans to discuss placing an embargo on Russian crude as part of its fifth set of sanctions aimed at putting more pressure on Moscow to stop its military operation in Ukraine.

Novak added that if Western consumers stop buying Russian crude, the country will diversify its supplies and will find buyers elsewhere.

Oil prices have risen by nearly $4 a barrel on Monday, with global benchmark Brent exceeding $112 by midday GMT, on expectations that the European Union might join the United States in banning imports of Russian crude.

Dutch Prime Minister Mark Rutte, meanwhile, has called such an embargo “unrealistic,” pointing out that EU countries still heavily depend on Russian oil and gas and cannot simply cut themselves off on short notice.

Read more: https://moneycentral.com.ng/markets/article/moscow-warns-of-500-a-barrel-oil/

So oil is still a bargaining chip now, one would think that going by the noise about climate change and renewable energy that oil would have been made desolate by now

Hmm

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Ekejoestar:
So oil is still a bargaining chip now, one would think that going by the noise about climate change and renewable energy that oil would have been made desolate by now

The same people who shout about climate change, who talk about Green energy are the same people who can't stop doing without fossil fuel.

Let Moscow shut up and leave Ukraine. Wicked Putin wanting to cause WW3.

blackboy:
Let Moscow shut up and leave Ukraine. Wicked Putin wanting to cause WW3.

Putin knows it is over for him
That is why he is fighting like a drowning man