WASHINGTON, Jun 23 (PRIME) -- The U.S. and Europe have been aware that imposition of sanctions against Russia over its policy toward Ukraine will result in negative consequences for the global energy market, including energy inflation, the U.S. President Joe Biden said in his speech to the nation late on Wednesday.
“Russia is… one of the largest oil producers in the world. We cut off Russian oil into the United States, and our partners in Europe did the same, knowing that we would see higher gas prices,” he said.
Biden also said that the U.S. is likely to produce record volume of oil next year.
The U.S. Energy Secretary Jennifer Granhol expects global demand for oil to grow after China lifts anti-coronavirus restrictions, she told reporters.
Representative of the U.S. administration’s economic council Cecilia Rouse told Bloomberg that China and India may be buying more Russian oil than it is known.
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