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Oil Price Spiked To Its Highest Peak! Russia Alerts West Barrel Oil Of $300 Per Barrel Oil, Slash Down In Gas Supply To Europe

Russia-Ukraine War Flames Indian Crude To $117/B | Petrol cost rise At Rs 126/L& Diesel at Rs 116/L In Odisha  

The Russia-Ukraine War now crucially affecting the oil exportation globally. As Russia comes second after Saudi Arabia in crude oil exports. Now the main concern is the spiked oil prices to the highest levels since 2008 on Monday after the U.S Secretary of State Antony Blinken said that Washington and European allies were taking in account of banning Russian oil imports  

While delivering the statement on state television, Russian Deputy Prime Minister Alexander Novak said, “It is absolutely clear that a rejection of Russian oil led to catastrophic consequences for the Global market,’’.  

“The surge in price would be unpredictable. It would be $300 per barrel if not excess.”  

In the statement, Novak also said, it would take Europe more than a year to replace the volume of oil it receives from Russia, and it would have to pay significantly higher prices.  

“European politicians need to honestly warn their citizens and consumer to expect,” Novak said.  

“If you want to reject energy supplies from Russia, go head. We are ready for it. We know where we could redirect the volumes to.”  

Novak said Russia, which provides 40% of Europe gas, was fulfilling its responsibility in whole but that would be entirely within its rights to reciprocate against the European Union after Germany last month froze 2 gas pipelines.  

“In connection with the imposition of a ban on Nord Stream 2, we have every right to take a matching decision and impose an embargo a gas pumping through the Nord Stream 1 gas pipeline,” Novak said.  

“So far we are not taking such a decision, “he said. “But European politicians with their statements with their statements and accusations against Russia push us towards that.”  

 Due to the rise in oil price, a state of shell shock for consumers in Odisha. The in-depth shelling by the Russian forces to surrounds Ukraine has tanked crude oil prices globally. The price of the Indian basket has shot up by over 21 percent to touch $117.39 per barrel in just 144 hours.  

As per the current estimates, the price of petrol, which is currently quoted at around Rs 101 – Rs107 (Malkangiri) per liter in the State, has shot up to around Rs 126.76 per liter due to a sharp surge in the price of Indian Basket of crude (IBC).   

There will be for sure a hype going to emerge among consumers in the state and it is absolutely under Indian govt and state authority for major check as the cost will rise again on future. 

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This Post Has 3 Comments

  1. Rohit Kumar

    It is a very bad news that may occur in very near future. All the countries have to face this problem. All types of people will affect for this price hike. Govt. need to build more oil reservoirs to stock more crude oils.

  2. Harshad

    Petrol prices are already at a high price compared to the previous year, and if the US does not lift sanctions on Venezuela and Iran, they will rise to $300+, while in India, petrol prices will go up to around Rs 200. I hope it will not happen.

  3. Saswat

    Petrol prices are already at a high price compared to the previous year, and if the US does not lift sanctions on Venezuela and Iran, they will rise to $300+, while in India, petrol prices will go up to around Rs 200. I hope it will not happen.

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