Ditching Russian oil will be ‘catastrophic’ for global markets, Moscow warns

 

Banning oil supplies will send prices to unprecedented records, Russia believes

FILE PHOTO © Sputnik / Maksim Blinov

Removing Russian oil from the market would make energy prices skyrocket to over $300 per barrel of oil, Russia’s deputy prime minister, Aleksandr Novak, said on Monday, adding that Russia is not dependent on the West and can “reroute” its supplies elsewhere.

The European officials are “once again seeking to put all the blame for their own recent energy policy shortfalls on Russia,” Novak told journalists, adding that “Russia has nothing to do with the current price hike on market volatility.”

Russia has been a “reliable partner” for Europe for many decades, Novak has said, adding that Moscow has been supplying the European nations with roughly 40% of their gas needs. The deputy prime minister made his comments after gas prices in Europe hit record highs of almost $3,900 per 1,000 cubic meters while the price of Brent crude oil surpassed $130 per barrel for the first time in a decade.

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https://www.rt.com/russia/551442-oil-gas-prices-novak/