Russia warns that if Western countries refuse to import Russian oil, oil prices will soar to more than $300 via /r/wallstreetbets


Russia warns that if Western countries refuse to import Russian oil, oil prices will soar to more than $300

Russian Deputy Prime Minister Alexander Novak said on Monday that if the United States and the European Union banned oil imports from Russia, international oil prices could climb to more than $300 a barrel. “It is clear that rejecting Russian oil will have disastrous consequences for the global market and harm the interests of consumers,” Novak said in a video statement broadcast on state television “The surge in oil prices will be unpredictable. If not too high, it will reach $300 a barrel.” Novak said that it will take Europe more than a year to replace Russian oil, and it will have to pay a much higher price than Russian oil. Novak said that Russia’s oil exports can shift from the European market to other markets, for which Russia has made all preparations. In addition, the failure of European energy policy will lead to soaring oil and gas prices, which has nothing to do with Russia. Russia has fully fulfilled its obligations to supply natural gas, oil and petroleum products to Europe. “European politicians need to be honest about what will happen to their citizens and consumers. If you really want to reject Russia’s energy supply, do it, and we’re ready,” Novak said Novak warned that due to the sanctions on the “Beixi 2” project, Russia also has the right to stop transporting natural gas through the “Beixi 1” transmission pipeline, but Russia did not do so. However, the statements and accusations made by European politicians against Russia pushed us to that step. Statement of European and American countries On the issue of whether to continue to use Russian energy, German Chancellor Scholz made it clear on Monday that it is impossible to completely eliminate the import of energy from Russia in the short term. “At present, there is no other way to ensure the supply of heating, transportation, electricity and industrial energy in Europe. Energy from Russia is very important for citizens’ daily life. So we decided to continue to cooperate with Russia in the field of energy supply.” British Prime Minister Boris Johnson said on Monday that in the face of tensions between Russia and Ukraine, Britain will “gradually” get rid of its dependence on Russian oil and gas. He also called on western countries to work together to ensure energy alternatives. The UK will formulate a new energy supply strategy in the coming days and pointed out that the UK is considering using more of its own fossil fuels. But he also stressed that the UK has not given up its commitment to reduce carbon emissions. At present, the UK imports less than 5% of its natural gas from Russia. In the United States, both houses of Congress announced a bill aimed at stopping energy imports from Russia on Monday, which may be put to a vote this week. However, White House press secretary pusaki said Biden had not yet decided whether to sign the bill banning the import of Russian oil if Congress sent it to the president’s desk.

Submitted March 08, 2022 at 01:49PM by lilyxu185
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