Experts believe that oil will rise to $100 due to G7 restrictions

Due to the introduction by the West of a price ceiling on Russian oil, the cost of fuel may rise in the near future. This opinion was expressed by experts who spoke with “Izvestia”.

They indicated that the price of black gold would increase to $100 per barrel if the Russian Federation at the legislative level forbade organizations to sell fuel to countries that supported the restrictions.

Thus, the supply of Russian oil to the world market will drop sharply. And the cost of fuel, on the contrary, will begin to rise.

However, if Russia decides to redirect the shortfall in black gold supplies to Asian states, then oil will most likely cost about $85 per barrel.

Oil Price Ceiling

Recall that the price ceiling for Russian oil agreed upon by the G7 countries and Australia came into force on December 5. Black gold will trade at $60 per barrel. This measure does not apply only to fuel supplies via the Druzhba oil pipeline.

Press Secretary of the President of the Russian Federation Dmitry Peskov stressed that Moscow would not accept the restriction imposed by the Europeans and would conduct a prompt analysis of the situation.

The Kremlin also stated that by this decision the European Union “endangered” its energy security and will continue to live without Russian oil. According to Permanent Representative Mikhail Ulyanov, the Russian Federation has previously clearly indicated its position. Russian President Vladimir Putin said that our country would not act contrary to its interests and those countries that would introduce a price ceiling would simply not sell oil.