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Energy prices have risen around the world amid efforts to avoid Russian crude oil.
It has already been banned by the United States, Canada, the United Kingdom and Australia, and quite a few black gold companies in Europe are trying to phase it out. But if Europe were to adopt a full embargo, CNN says, it could force Russia to cut supplies by 3 million barrels a day, putting the globe at risk of an extreme shortage of supplies if OPEC countries do not start increase production rapidly – a decision they have so far been reluctant to take.
The executive director of the Dutch commodity trading company Vitol said that the withdrawal of Russian oil from the western market will force drivers to be careful with fuel, and possibly use it rationally. Europe imports half of its oil from Russia and the rest from the Middle East. Four environmental organizations say the European Union could give up Russian gas imports by 2025, allowing the bloc to break its long-term dependence on one of its main energy sources, which has been called into question. war in Ukraine.
Increasing solar and wind energy production, reducing gas demand and expanding the electricity grid appear to be able to replace two-thirds of Russian gas needs within three years.
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