World Desk, AnyTV, London
Published by: Harendra Chaudhary
Updated Sat, 26 Feb 2022 04:16 PM IST
Summary
The Russian attack on Ukraine has created a number of new circumstances. There is an apprehension that the continuing unrest could have an impact on the oil and gas supply system. If a pipeline is bombed or vandalized, there will be a prolonged supply stop in the areas connected to it. The second challenge is likely to come from the actions of Western countries on Russia.
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Oil and natural gas are already available at relatively expensive rates in Europe and America. The new situation has created more problems for Europe, which supplies more than 40 percent of its oil and gas needs from Russia. Analysts say that if oil prices remain at their current levels, inflation in Europe and the US will increase further. The people of both these places are already troubled by the unusual inflation.
There will be a problem if you take it out of Swift
Efforts to stop climate change are also expected to get a setback due to the new situation. As fears about Russian supplies grow, Europe could see an increase in coal use again. This will make it difficult to achieve the targets set by European countries to cut greenhouse gas emissions. This situation can also happen in America. In addition, it is possible that in order to reduce the dependence of Western countries on Russia, America may start pouring more resources into the exploration and exploration of oil and gas. This will increase emissions.
America issued advisory
Marketing agency S&P Global Platts has said that Russia is a major player in the oil and gas market. It exports 2.7 million barrels of crude oil to Europe per day. In view of this, the oil market is bound to be worried in the current situation.
US company Rapidan Energy Group President Robert McNeely told the website axios.com that the only real option now for the Biden administration is to sign a nuclear deal with Iran soon. Also persuade Saudi Arabia to increase oil production. Only then will Europe and America be sure of an adequate supply of oil.
Expansion
Oil and natural gas are already available at relatively expensive rates in Europe and America. The new situation has created more problems for Europe, which supplies more than 40 percent of its oil and gas needs from Russia. Analysts say that if oil prices remain at their current levels, inflation in Europe and the US will increase further. The people of both these places are already troubled by the unusual inflation.
There will be a problem if you take it out of Swift
Efforts to stop climate change are also expected to get a setback due to the new situation. As fears about Russian supplies grow, Europe could see an increase in coal use again. This will make it difficult to achieve the targets set by European countries to cut greenhouse gas emissions. This situation can also happen in America. In addition, it is possible that in order to reduce the dependence of Western countries on Russia, America may start pouring more resources into the exploration and exploration of oil and gas. This will increase emissions.
America issued advisory
Marketing agency S&P Global Platts has said that Russia is a major player in the oil and gas market. It exports 2.7 million barrels of crude oil to Europe per day. In view of this, the oil market is bound to be worried in the current situation.
US company Rapidan Energy Group President Robert McNeely told the website axios.com that the only real option now for the Biden administration is to sign a nuclear deal with Iran soon. Also persuade Saudi Arabia to increase oil production. Only then will Europe and America be sure of an adequate supply of oil.