Kathmandu, May 31
By the end of this year, the European Union (EU) plans to reduce Russian oil imports by 90%.
The market price of Brent crude for July jumped 33 cents to 122, according to Reuters. In
August, Brent crude climbed 33 cents to 117.93. The market in West Texas finished at 117.31, up 2.24 from the previous day’s closing.
By the end of 2022, the European Union (EU) has resolved to reduce Russian oil imports by
90%.
By the end of the year, the European Union had suggested banning all Russian oil imports.
Hungary, on the other hand, which is dependent on Russian oil, has been hesitant to implement sanctions.
The European Union has resolved to reduce Russian oil imports by 90% by the end of the year in response to Hungary’s concerns.
However, other analysts believe that oil prices will not continue to grow. They claim that prices have risen as a result of supply-side market conflicts.
According to Reuters, Stephen Innes, managing partner of SPI Asset Management, said that market prices had already risen sharply since practically every EU country supported a Russian oil ban.
