Largest fuel price crisis in history is approaching — Russia’s envoy

  MOSCOW: The most powerful crisis in fuel prices is approaching, which will lead to economic problems in the EU and the United Kingdom, pre...

 

MOSCOW: The most powerful crisis in fuel prices is approaching, which will lead to economic problems in the EU and the United Kingdom, presidential special representative for investment and economic cooperation with foreign countries and CEO of the Russian Direct Investment Fund Kirill Dmitriev told reporters.

"Discussions are now underway that it (oil — TASS) could cost $150 or even $200 per barrel. And why is this important? Because we have a number of very clear forecasts that we have also voiced regarding the European Union and the United Kingdom. They are very simple. We see that the most powerful energy crisis in the history of humanity is approaching. Neither Europe nor the UK is prepared for it at all. Moreover, they have shot themselves in the foot by abandoning Russian energy resources," Dmitriev said.

He added that rising oil prices are positive for Russia, and Europe will beg for supplies.

"Without a doubt, what is happening is generally positive for Russia, because our oil and gas reserves and our diversified supplies worldwide, including with a focus on BRICS countries, undoubtedly strengthen Russia’s position on global markets. Russia will certainly receive many requests from Europe and from the UK to obtain Russian energy resources and will decide whether to provide them or not. But our prediction is very clear — that Europe and the UK will beg for Russian energy resources, and Russia will make the appropriate decisions or choose not to," Dmitriev said.

At the same time, Russia is in the strongest position on the global energy and fertilizer markets, Dmitriev told reporters.

"Without a doubt, Russia is in the strongest position because we are a major producer not only of oil and gas, but also of fertilizers. And now a crisis is beginning in the fertilizers and agricultural sector markets. Therefore, Russia is currently in a very strong position," Dmitriev said.

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