On Tuesday, US President Biden announced that the US would no longer import crude oil from Russia. This is now also being felt in the prices – they are rising sharply again.
A US import ban on Russian crude oil caused oil prices to rise significantly on Tuesday. Most recently, a barrel (159 liters) of North Sea Brent cost 131.41 US dollars. That was $8.21 more than Monday.
The price of a barrel of the US West Texas Intermediate (WTI) variety rose by $7.91 to $127.21. On Monday, the Brent price had risen briefly to around $139, while WTI had cost more than $130 at its peak.
In response to Russia’s war of aggression against Ukraine, the US banned the import of crude oil, natural gas and energy from Russia. That said US President Joe Biden in the White House. In addition, Great Britain wants to phase out its Russian oil imports by the end of 2022. The decisions pushed oil prices higher.
Berlin and the EU do not want to follow suit
Germany and the EU states will not participate in the measures. Federal Economics Minister Robert Habeck (Greens) warned on Tuesday of a sharp economic downturn in the event of an embargo on oil and gas from Russia. “We are then talking about a severe economic crisis in Germany and thus in Europe,” said the Green politician to the broadcasters RTL and ntv. He emphasized that the situation is not comparable to that in the United States. “The Americans know that too.”
OPEC Secretary General Mohammed Barkindo warned that global oil production would not be sufficient to compensate for a complete Russian failure. Russia belongs to the expanded Opec+ group, which has been gradually and moderately expanding its production for some time. Fatih Birol, head of the International Energy Agency (IEA), said additional oil reserves could be released if the need arises.
Source: Stern
Jane Stock is a technology author, who has written for 24 Hours World. She writes about the latest in technology news and trends, and is always on the lookout for new and innovative ways to improve his audience’s experience.
