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Russia warns West of $300 per barrel oil, cuts to EU gas supply

Published

3 years ago

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  • Oil prices spiked to their highest levels since 2008 on Monday.
  • Novak says European politicians need to honestly warn their citizens and consumers what to expect.
  • Russian Deputy PM says If you want to reject energy supplies from Russia, go ahead.

DUBLIN: Western countries could face oil prices of over $300 per barrel and the possible closure of the main Russia-Germany gas pipeline if governments follow through on threats to cut energy supplies from Russia, a senior minister said on Monday.

Oil prices spiked to their highest levels since 2008 on Monday after U.S. Secretary of State Antony Blinken said Washington and European allies were considering banning Russian oil imports.

“It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Russian Deputy Prime Minister Alexander Novak said in a statement on state television.

“The surge in prices would be unpredictable. It would be $300 per barrel if not more.”

Novak said it would take Europe more than a year to replace the volume of oil it receives from Russia and it would have to pay significantly higher prices.

“European politicians need to honestly warn their citizens and consumers what to expect,” Novak said.

“If you want to reject energy supplies from Russia, go ahead. We are ready for it. We know where we could redirect the volumes to.”

Novak said Russia, which supplies 40% of Europe’s gas, was fulfilling its obligations in full but that it would be entirely within its rights to retaliate against the European Union after Germany last month froze the certification of the Nord Stream 2 gas pipeline.

“In connection with the imposition of a ban on Nord Stream 2, we have every right to take a matching decision and impose an embargo on gas pumping through the Nord Stream 1 gas pipeline,” Novak said.

“So far we are not taking such a decision,” he said. “But European politicians with their statements and accusations against Russia push us towards that.”

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Business

With the PSX at 115,000, investors profit while the sun is shining.

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4 hours ago

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Despite the numerous actions the government has taken in recent months, the nation’s economy is still growing.

The extraordinary rise in equities in recent years is evidence that the economic “turnaround” has given investors cause for optimism.

As market participants eagerly made investments, the KSE-100 index crossed the 115,000 level on Friday, the penultimate working day of the current week on the Pakistan Stock Exchange (PSX). The stocks gained strength on the 13th consecutive day, highlighting improvement in the country’s economy.

During early hours of trading, stocks climbed to 115,172 with a gain of 600 points.

The Pakistan Stock Exchange (PSX) reached its peak by surging above 114,000 points on Thursday. It has been over a month since the surge began.

The figure jumped by a substantial 2,500 points to 113,374 points during Thursday’s session. The KSE-100 index closed at 114,180, up 3,370 points, after surpassing 114,000 points later in the day.

On Wednesday, stocks closed at 111,810.

FLOW AND EBB

The market had a sharp bearish rise a few days ago, but it was short-lived as bullish momentum returned. The benchmark KSE-100 index gained more than 2,000 points and is currently sitting around 111,000. It was in opposition to the close of 108,896 points the day before.

CUT THE rating ON THE CARDS

The proverbial bulls have been galloping for the past month or so thanks to the financial infusion from the International Monetary Fund’s loan disbursement and more discussions on climate funding.

The impending policy rate cut meeting of the SBP is another factor contributing to the current market attitude. The Monetary Policy Committee of the Central Bank is scheduled to convene on Monday, December 16.

On November 30, the Pakistan Stock Exchange (PSX) achieved a historic milestone by reaching a record-breaking high of 100,000 points following an unheard-of run of gains.

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ADB Adjusts Pakistan’s Economic Growth Forecast to 3% for 2024-25, Indicating Positive Economic Trajectory

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1 day ago

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Pakistan’s economic growth is projected to be three percent in the fiscal year 2025, according to the Asian Development Bank’s revised prediction, which is an upward revision from the previous forecast.

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The PSX 100 index crosses 113,000 points, marking a historic milestone.

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1 day ago

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The historic 113,213-point milestone has been surpassed for the first time by the Pakistan Stock Exchange (PSX), setting a new record.

The stock market experienced a spectacular start to the trading session, rising 1,400 points in just 30 minutes. At an all-time high of 112,277 points, the KSE-100 Index jumped 1,467 points.

With the index rising 1,200 points in just 15 minutes after the market began, the PSX had already reached another milestone. At 112,041 points, the KSE-100 Index had risen 1,231 points.

In another example of record-breaking performance, the PSX saw a 1,000-point spike in just 10 minutes. The KSE-100 Index rose 1,100 points to 111,911 points, regaining the 111,000-point milestone and hitting its highest level ever.

The PSX’s exceptional performance establishes it as a crucial gauge of economic optimism by highlighting robust investor confidence and substantial market momentum.

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