Supply disruptions and a lack of refining capacity could send oil and fuel prices soaring this winter.
The EU embargo on seaborne Russian crude oil exports and the G7 price cap on Russian oil are both less than a month away.
to Reuters’ John Kemp. Last week, the buying reached 22 million barrels of Brent crude and 15 million barrels of West Texas Intermediate. The fuel situation is going to become a lot more complicated in February, too, when the EU’s Russian fuels embargo comes into effect. Currently, the European Union is importing some 400,000 barrels daily of Russian diesel, according to a Wall Street Journal, as well as 1.7 million barrels daily of diesel from other suppliers. This 400,000 bpd will need to be replaced come February 5. And it will fuel higher inflation.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil Prices Slide As China Reaffirms Covid Containment Strategy | OilPrice.comOil prices fell early on Monday morning as China denied reports that it would be easing Covid regulations and released weaker-than-expected export data
Read more »
Helen Morgan MP calls on business secretary to cap price of heating oilMP Helen Morgan has urged the business secretary to introduce a price cap on heating oil to protect off-grid homes from spiralling prices this winter.
Read more »
Microsoft to revise prices in Korea and JapanPLUS: Tencent's edgy JV; US/China space spat; Facebook's India boss bails to join Snap; and more
Read more »
Cost of living: Millions have no savings as prices soarA quarter of those asked in a survey had less than £100 in savings, exposing them to unexpected bills.
Read more »
Shop workers face tide of abuse as prices riseThe cost of living is one factor behind a wave of aggression towards retail workers, a charity says.
Read more »
Shop workers face tide of abuse as prices rise'On one occasion, I refused to serve an energy drink to a young person and a group of them said they were going to wait outside for me after work.'
Read more »