Oil prices rose over $111 a barrel Friday as Europe marches off the fossil fuel cliff in an embargo of Russian oil.
Germany specifically receives about a third of its oil from Russia. Turning off the spigot does not mean EU countries will seek alternative energy sources. It merely means they will go elsewhere for oil.
Some industry analysts anticipate the continued Russian sanctions will create a 15-20% reduction in oil supply this year, sending oil prices over $120 a barrel.
Related news:
- Oil prices head for another strong weekly gain as supply worries dominate
- U.S. gas prices soar as Europe and Asia scramble for LNG
- What’s the impact if Europe cuts off Russian oil?
- Oil prices settle up on increased chance of EU embargo of Russian oil
Categories: NM GAS REPORT
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