{"id":7885,"date":"2022-03-08T12:30:49","date_gmt":"2022-03-08T20:30:49","guid":{"rendered":"https:\/\/theministerofcapitalism.com\/blog\/?p=7885"},"modified":"2022-06-17T10:33:35","modified_gmt":"2022-06-17T17:33:35","slug":"russia-threatens-300-barrel-oil-if-the-west-cuts-energy-supplies-to-russia","status":"publish","type":"post","link":"https:\/\/theministerofcapitalism.com\/blog\/russia-threatens-300-barrel-oil-if-the-west-cuts-energy-supplies-to-russia\/","title":{"rendered":"Russia Threatens $300\/Barrel Oil if The West Cuts Energy Supplies to Russia"},"content":{"rendered":"

In response to sanctions imposed,
\nRussia threatens that oil could skyrocket to $300\/Barrel,
\neffectively crushing the European economy.<\/h3>\n

\"\"<\/p>\n

If governments follow through on threats to stop buying energy from Russia, Western countries might face oil prices of over $300 per barrel and the eventual shutdown of the main Russia-Germany gas pipeline, a senior minister said on Monday.<\/strong><\/p>\n

On Monday, oil prices rose to their highest level since 2008 after US Secretary of State Antony Blinken indicated the US and its European partners were considering blocking Russian oil imports.<\/p>\n

“It is very evident that rejecting Russian oil would have disastrous effects for the world economy,”<\/em> Russian Deputy Prime Minister Dmitry Rogozin said.<\/p>\n

In a statement shown on state television, Minister Alexander Novak stated.<\/p>\n

“The price increase would be unpredictably high. It would cost at least $300 per barrel.”<\/em><\/p>\n

According to Novak, replacing the volume of oil received from Russia<\/a> would take more than a year, and Europe would have to pay much higher rates.<\/p>\n

“European leaders must be honest in their warnings to people and consumers,”<\/em> Novak added.<\/p>\n

“Go ahead and reject Russian energy supply if you want to. We’re prepared for it. We know where the volumes may be redirected.”<\/em><\/p>\n

Novak said Russia, which provides 40% of Europe’s gas, was fully complying with its responsibilities, but that it would be absolutely within its rights to react against the European Union after Germany blocked the Nord Stream 2 gas pipeline’s certification last month.<\/p>\n

“We have every right to take a matching decision and impose an embargo on gas pumping via the Nord Stream 1 gas pipeline in connection with… the imposing of a restriction on Nord Stream 2,”<\/em> Novak added.<\/p>\n

“We haven’t made such a choice yet,”<\/em> he remarked. “However, European politicians’ words and charges against Russia drive us in that direction.”<\/em><\/p>\n

JP Morgan estimates that Russia produces 12% of the world’s total supply<\/a> of oil. But almost half of what Russia produces goes to Europe, verses only 3% going to the United States. <\/strong><\/p>\n

As for natural gas, Russia produces about 17% of the world supply and about 40% of that goes directly to Europe as well.<\/strong><\/p>\n

If the Russians were to cut off supply in retaliation, it would put all of Europe in an incredibly tough position.<\/strong><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

In response to sanctions imposed, Russia threatens that oil could skyrocket to $300\/Barrel, effectively crushing the European economy. If governments follow through on threats to stop buying energy from Russia, Western countries might face oil prices of over $300 per barrel and the eventual shutdown of the main Russia-Germany gas pipeline, a senior minister said […]<\/p>\n","protected":false},"author":1,"featured_media":7890,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[196],"tags":[276,226,217,228,192],"yoast_head":"\nRussia Threatens $300\/Barrel Oil if The West Cuts Energy Supplies to Russia - The Minister of Capitalism<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/theministerofcapitalism.com\/blog\/russia-threatens-300-barrel-oil-if-the-west-cuts-energy-supplies-to-russia\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russia Threatens $300\/Barrel Oil if The West Cuts Energy Supplies to Russia - The Minister of Capitalism\" \/>\n<meta property=\"og:description\" content=\"In response to sanctions imposed, Russia threatens that oil could skyrocket to $300\/Barrel, effectively crushing the European economy. 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