The White House appears to believe it has a chance to keep the Senate in Democrat hands - but that opportunity could be endangered from a serious spike in oil prices if Germany had to start buying oil from global markets.
Ukrainian President Volodymyr Zelenskyy has called EU oil purchases "Blood money." The EU continues to pay Russia about $1 billion a day for oil and gas purchases.
Justin Dargin, senior energy and geopolitics scholar at the University of Oxford, said global oil prices will "undeniably" increase once Germany cuts off oil imports.
" In delaying ending oil imports until the end of the year, Dargin said there will still be an increase in global oil prices.
Germany is the top EU buyer of Russian oil, purchasing 34% of its total petroleum imports from Russia, according to the IEA. "Germany's action by itself will impact global oil prices, but a more significant impact will be what course of action Europe as a whole takes," Dargin said.
" If the E.U. were to move to ban Russian oil imports immediately, he said global oil prices would increase.
"An immediate European oil ban could affect nearly 4 million barrels per day of Russian petroleum and would apply excessive upward pressure on global oil prices," Dargin said.
https://www.newsmax.com/world/globaltalk/germany/2022/04/25/id/1067219/
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