March 08, 2022 20:37 PM
Russian Deputy Prime Minister Novak
[China News Agency]Russian Deputy Prime Minister Novak warned on the 7th that the abandonment of Russian oil by the West would have catastrophic consequences for the world market in response to the United States’ desire to join European allies to further sanction Russia and study the possibility of banning the import of Russian oil.
Novak said the abandonment of Russian oil by the West would have disastrous consequences for world markets, and the surge in oil prices would be unpredictable and could even exceed $300 a barrel. The ban on Russian oil will lead to a surge in the prices of fuel, electricity and heating in Europe and the United States. It is impossible for the European market to seek a quick replacement for Russian oil. It will take at least a year. As prices rise, European consumers will be the main victims. .
He pointed out that Russia is Europe’s largest oil supplier, and Europe consumes about 500 million tons of oil every year, of which about 150 million tons (30%) comes from Russia, which also supplies another 80 million tons of oil products to the EU.
Novak said Moscow had the ability to redirect exports from the European market, despite concerns about Western plans to abandon Russian oil.
In response to the recent rise in European and American energy market prices, Novak said that Russia did not participate in the increase in oil and natural gas prices, but was the result of irresponsible remarks made by European politicians. He pointed to recent statements by European politicians on energy calling for a move away from Russian oil and gas, another attempt by European officials in recent years to shift the problems and failures of their own energy policy onto Russia. “As a result, we have seen a sharp rise in energy prices. I responsibly declare that Russia has nothing to do with the current price increases and market volatility.”