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Oil prices will jump to $300 a barrel if the West abandons Russian oil, the country’s Deputy Prime Minister and former Energy Minister Alexander Novak said on Monday, adding that “some see it possibly reaching $500 a barrel”.
The warning comes as the EU plans to discuss placing an embargo on Russian crude as part of its fifth set of sanctions aimed at putting more pressure on Moscow to stop its military operation in Ukraine, TASS reported.
Novak noted that if Western consumers stop buying Russian crude, the country will diversify its supplies and will find buyers elsewhere.
Oil prices have risen by nearly $4 a barrel on Monday, with global benchmark Brent exceeding $112 by midday GMT, on expectations that the European Union might join the United States in banning imports of Russian crude.
Oil prices extended gains on Tuesday. Front-month West Texas Intermediate futures were up $2.20, or 1.96%, to $114.32 a barrel on NYMEX and Brent futures were up $3.18, or 2.75%, to $118.80 a barrel on the Intercontinental Exchange at 0440 GMT.
