A ban on Russian oil would have catastrophic consequences for the global oil market, Russia’s Deputy Prime Minister Alexander Novak said on Monday.
“The rise in prices would be unpredictable – more than 300 dollars a barrel, if not more,” Novak told Russian news agencies on Monday.
Russia has faced severe economic sanctions following the invasion of Ukraine. However, Western leaders stated on Monday that an import ban on Russian oil is still possible.
The discussion led to a sharp jump in oil prices on Monday. At one point during the day, North Sea oil soared to USD 127 a barrel.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
Do you have a news tip for Norway Today? We want to hear it. Get in touch at [email protected]
Be the first to comment on "Russia says oil price could jump to 300 dollars a barrel if the West stops imports of Russian oil"