What are the impacts of a potential UK ban on Russian oil imports?
“We’re in for an era of high prices,” said Joe Tuohy, group director of Portland Fuel. “Energy prices were already heading up on the back of a post-Covid demand. Throw war into the mix and you have more demand and supply uncertainty.”
Then we suffered rationing, but today supply isn't an issue. “We’re not seeing Russia turning around to the world and saying ‘we’re not going to produce more oil’,” Tuohy said. “It’s a global commodity. If we say no to Russian oil, probably China will accept it, and that displaces oil from the UAE, which then comes to the UK. The price will balance out in the mid-term.”
“We welcome the planned release of compulsory oil stocks as a means to send a unified and strong message to global oil markets that there will be no shortfall in supplies,” the United Kingdom Petroleum Industry Association said in a statement.