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.