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Post Info TOPIC: Warning, Russian oil move will affect UK cost of living


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Warning, Russian oil move will affect UK cost of living
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Analysts said Western plans to ban or curb Russian oil and gas imports would further hurt Britain's standard of living.

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Experts say global commodity prices are set to rise even further as the UK, US and EU announced plans to punish Moscow for invading Ukraine.The RAC said UK oil prices could hit £1.60 per liter this week and £1.65 soon.Britain, which gets 8 percent of its oil from Russia, said on Tuesday it plans to scrap these imports by the end of 2022.

At the same time, the United States said it would immediately ban Russian oil and gas. And the EU has pledged to cut gas imports to two-thirds this year.Business Secretary Kwazi Kvarteng tweeted that Britain's changes would give "more than enough time to markets, business and supply chains to replace Russian imports," said Robert Buckley, energy analyst at Cornwall Insight. to the BBC that the UK ban "Most of them are symbols" because Russian oil is a small part. of the overall energy ingredients

However, together with the US ban and widespread sanctions by Western companies. The move is likely to drive oil prices higher in the coming weeks, This is a global market. And you have to replace that displaced supply,At the edge, this decision will serve to support the already very high oil prices.



-- Edited by kafa88 on Wednesday 9th of March 2022 07:54:29 AM

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