published31. May 2022, 09:50
Oil prices have risen significantly following the EU countries agreed on an import ban on Russian oil.
Oil prices have risen significantly following the EU countries agreed on an import ban on Russian oil.
REUTERS
EU Commission President Ursula von der Leyen expects Russian oil imports to fall by up to 90 percent.
REUTERS
Oil prices rose sharply on Tuesday, rising to their highest level in over two months. In the morning, a barrel (159 liters) of North Sea Brent cost 123.32 US dollars. That was $1.65 more than the day before. The price of a barrel of the US West Texas Intermediate (WTI) variety rose by $3.47 to $118.54.
The prospect of reduced supply from Russia as a result of new European Union sanctions over the Ukraine war is driving oil prices up. The EU countries have agreed on a compromise in the dispute over the planned oil embargo once morest Russia. At Hungary’s insistence, only Russian oil deliveries by sea are to be stopped for the time being. Pipeline transports will continue to be possible for the time being.
Small part of the crude oil comes from Russia
Market traders referred to the statement by EU Commission President Ursula von der Leyen as the driving force behind oil prices, according to which the European Union’s oil imports from Russia will be reduced by around 90 percent by the end of the year, despite the exception for pipeline deliveries. The background to this number is that Germany and Poland have already made it clear that they do not want to benefit from the pipeline oil exemption.
Switzerland obtains only a small part of the crude oil from Russia. Noisy “Daily Gazette” it was just 0.3 percent in 2020. However, Switzerland is still affected by any price increases.
(lea)