The price of oil per barrel is projected to reach $125 per barrel because of a decrease of daily production, which reached a multiyear low. The EU wants to eliminate dependency on Russian energy imports in relation to the recent war with Ukraine which will have a significant impact on European economies as Russia supplied the EU with 2.8 barrels per day. The upcoming talks involving a nuclear deal with Iran combined with worrying statements from various leaders is causing an “extraordinary volatility” in oil markets.
Issue:
Country: