UAE: oil prices will soar to unprecedented levels if Russian energy sources disappear from the world market
The cost of oil could skyrocket to unprecedented levels if
oil and gas from Russia disappear from the world market, warned Arab Energy Minister
Arab Emirates Energy Minister Suhail Al-Mazroui warned. His opinion
leads Bloomberg. Recall that at the end of last week the European Union
adopted another package of sanctions against Russia, including
ban on imports of its oil and oil products supplied by sea
route. The ban does not apply to raw materials transported by
pipelines.
According to the minister, at a time when global demand will return to
to pre-coveted levels, OPEC+ supplies alone will not be enough to
to provide sufficient supply to the market.
Right now, while demand in the PRC has yet to recover, prices are far from
peak, but when it does, the market will face a shortage - one that is
some now because of supply constraints.
The OPEC+ alliance, which decided at its last meeting to
to accelerate its production buildup, said it was not aiming to
to make up for supply shortages from Russia caused by sanctions.