World Desk, AnyTV, Washington
Published by: Pranjul Srivastava
Updated Sat, 05 Mar 2022 09:33 AM IST
Summary
The CEO of Tesla Company said that the sanctions will also have a negative effect on Tesla. I hate to say this, but we have to increase production of gas and oil.
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Expansion
Elon Musk said on Twitter that Russian-owned companies are facing sanctions. Tesla will also be negatively affected by this move, but we cannot find an immediate solution to sustainable energy compared to Russia.
I hate doing this…
Elon Musk said on Twitter that, I hate to say this, but we need to urgently increase our production of oil and gas. He said that in extraordinary times we need extraordinary measures.
Crude oil prices continue to rise
Russia is the largest exporter of crude oil after Saudi Arabia. However, several countries have imposed sanctions on Russia after the war with Ukraine, which has halted oil supplies and caused prices to fluctuate. Oil prices continued to rise on Friday as well. Tesla Chief says that apparently it will have a negative impact on Tesla as well.
Crude at 9 year high
Crude oil in the global market rose to $ 120 a barrel on Thursday. This is its 9 year high. However, with some softening in prices on Friday, crude oil came down to $ 111 a barrel. Yet the gap between the cost of oil and retail sales rates is widening.
Crude may reach $185
Morgan Stanley says that due to sanctions from US and European countries, Russia is not able to export oil freely. At present, it is exporting only 66 per cent of its oil. If the supply of oil from Russia continues to be disrupted, then crude oil in the global market can reach $ 185.