“In the event of a rejection, the oil price would be $300, I’m telling you, some even say $500,” said Alexander Novak, Russia’s deputy prime minister.
The price of oil could climb to $300 a barrel if the world completely shuns crude oil from Russia, the country’s deputy prime minister, Alexander Novak, reportedly said on Monday.
Novak, who was Russia’s minister of energy from 2012 to 2020, also said that he doesn’t believe Europe can fully turn down Russian hydrocarbons because there is nothing to substitute for Russian oil. However, if Russia’s oil was rejected, he said the nation would diversify oil deliveries from the West to the East, creasing new logistics chains, according to TASS.
Peter McNally, vice president and global lead at Third Bridge in New York, said Novak’s comments reminded him of a 2008 report that said Russia’ Gazprom expected the price of oil to almost double to reach $250 a barrel in 2009. “That said, inventories of crude oil are very low by historical standards, so any disruption to global supply will have a material impact on prices,” McNally told MarketWatch.
In 2021, Russia produced 10.1 million barrels per day of crude oil and condensate and exported 4.7 million barrels per day of that, according to the U.S. Energy Information Administration.
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