Wednesday, April 13, 2022

Price of oil may rise to $150 per barrel with EU ban, Russian minister says | Al Jazeera

The price of oil may rise to $150 a barrel if the European Union were to ban Russian oil imports, Russia’s state-owned RIA news agency reports, citing the country’s energy minister Nikolay Shulginov.

“The cost of oil in the range of $80-150 per barrel is in principle possible… but our task is to ensure the functioning of the oil industry,” Shulginov said in an interview with the Izvestia newspaper. The minister also added Russia is ready to supply oil to “friendly countries at any cost”.

The United States has banned oil and gas imports from Russia but the EU is still debating how to bring limits on oil imports into its next set of economic measures against Russia.

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