Some European countries cannot completely abandon Russian oil in the short term. Russian President Vladimir Putin, during a meeting with oil chiefs, said that they are highly dependent on this. The talk was broadcast on TV.
The European Union wants to impose an oil embargo on Russia, but Hungary is failing. “Some countries may be able to do without us for a while, but it won’t last long,” he said.
Putin also said Western sanctions and a looming oil embargo had caused oil prices to rise. In addition to the transport and industry sectors, energy inflation mainly affects European consumers. Their economic activity will evaporate, but the West itself took care of that.”
Meanwhile, Russia is dealing with the biggest drop in oil production since the collapse of the Soviet Union. “There are tectonic shifts in the oil market,” Putin said. “It is no longer possible to do as well as in the past. This is why it is important that the entire chain continues to operate efficiently, from producer to end buyer.” Domestic oil producers can already count on state support, including through easy access to loans and insurance.
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