FOREIGN

Brent Crude Plunges 3.16% To $89.67 Per Barrel

 

Amid imminent recession across western countries, Brent crude has plunged 3.16 percent to $89.67 per barrel on Wednesday.

This occured after Vladimir Putin, Russian president, threatened to stop all oil and gas supplies if price caps are imposed on the country’s oil and gas exports.

“Will there be any political decisions that contradict the contracts? Yes, we just won’t fulfil them. We will not supply anything if it contradicts our interests,” Putin said.

“We will not supply gas, coal, heating oil — we will not supply anything.”

Putin’s threat, the European Union (EU) proposed a price cap on Russian gas ahead of the energy ministers’ emergency meeting on Friday.

“We will propose a price cap on Russian gas… we must cut Russia’s revenues which Putin uses to finance this atrocious war in Ukraine,” Ursula von der Leyen, European Commission president, told reporters.

ALSO READ  Ukraine Halts Transit Of Gas Through Eastern Region

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