The IEF emphasized on Wednesday that the implementation of EU sanctions against Russia will reduce the country's oil supply to the world market by 1 to 3 million barrels per day and increase the price of oil to more than $100 per barrel.
Headquartered in Saudi Arabia’s capital of Riyadh, the Oil Price added that if the EU sanctions against Russia’s crude oil go into effect next month, oil price will easily reach more than $100 per barrel.
In an interview with Bloomberg TV on the sidelines of ADIPEC Conference in Abu Dhabi, the Secretary-General of the International Energy Forum said that this forum and many consuming countries and the United States are much concerned about what will happen to the oil market after the implementation of EU sanctions against Russia.
According to the announcement of the International Energy Forum, which is the largest international organization of energy ministers, the implementation of EU sanctions against Russia will reduce 1 to 3 million barrels per day of this country's oil supply to the world markets.
Implementation of EU sanctions against Russia will cause extreme instability in the market, because it is not clear how many barrels of Russian oil will be removed from the market, and this instability will bring the price of oil to more than 100 dollars, which is not good news for the global oil market, he said.
The price of Brent crude oil increased by two percent in the early hours of Tuesday.
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