Russian Deputy Prime Minister Alexander Novak said that the abandonment of Russian oil will have serious consequences for the global market and the price of a barrel may reach $ 300.
“It is absolutely clear that abandoning Russian oil will have dire consequences for the world market. The extent of the price increase will not be known and it could reach, although not more than $300 a barrel,” Novak told reporters.
It is not possible to quickly replace Russia’s oil in the European market. It will take more than a year and will be more expensive for European consumers, who will be the real victims of this scenario. European politicians should warn themselves. Citizens and consumers know what to expect and that gas stations and electricity prices and heating will rise significantly, which will affect other markets, including the US markets.”
Novak noted that Moscow is concerned about the West’s statements about giving up Russian oil, but has the ability to divert its exports from the European market.
Source: TASS
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