European Union leaders are set to agree, at a two-day summit that began Thursday, on joint purchase of gas in its attempt to reduce dependence on Russian fuels, and some have said they will not comply with Moscow’s demand to buy oil and gas in rubles.
The Russian invasion of Ukraine has prompted the EU to commit to reducing dependence on Russian fossil fuels by increasing imports from other countries and rapidly expanding renewable energy.
Benchmark Brent fell $2.57, or 2.1%, to $119.03 a barrel. The American West Texas Intermediate (WTI) it fell $2.59, or 2.3%, to $112.34 a barrel.
NATO offered kyiv new military aid and assigned more soldiers to its eastern flank. The United States and the United Kingdom, much less dependent on Russian crude, have already announced sanctions on oil imports.
The CEO of the International Energy Agency (IEA), Fateh Birol, said that the countries of the entity they are united in seeking a radical reduction in imports of oil and gas from Russia.
Without an EU embargo on Russian oil, the sanctions are unlikely to have a major impact on the market.said Carsten Fritsch, an analyst at Commerzbank.
US crude in the Strategic Petroleum Reserve (SPR) fell to its lowest level since May 2002, the US Energy Information Administration (EIA) reported on Wednesday, surprising market players who expected a modest increase.
Adding to concerns over available supply is the slow pace of talks to reach an agreement between world powers and Iran on Iran’s nuclear activities, which has delayed the prospects of Iranian crude returning to the market.
Source: Ambito
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