At the EU summit the other day, they decided to impose a ban on Russia’s oil imports, except for pipeline deliveries.
World prices for reference grade oil rose in price on Tuesday, May 31, after the European Union’s decision to introduce a partial embargo on Russia’s oil.
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Thus, the cost of Brent oil rose to $ 120 per barrel.
Futures for US WTI crude are approaching $ 118 per barrel.
Recall that on the eve of the EU leaders reached a compromise on the issue of a ban on Russian oil imports. The embargo will affect 90% of all Russia’s oil imports by the end of this year.
The remaining 10 or 11% goes to the southern branch of the Druzhba pipeline in Hungary, Slovakia and the Czech Republic. There is a temporary exemption for these countries.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.