The German government has so far spoken out against stopping Russian oil imports.
(Photo: dpa)
Frankfurt Speculations on an easing of the supply bottleneck send the oil price plummeting. The Brent and WTI varieties were each more than ten percent cheaper on Wednesday evening.
Earlier, the United Arab Emirates’ ambassador to the United States said his country was open to expanding production. “They can probably bring an additional 800,000 barrels a day to market quickly,” says Bob Yawger, a manager at investment bank Mizhuo. “In doing so, they bring us a seventh of the way forward in replacing the Russian offer.”
The International Energy Agency (IEA) is also countering investors’ fears of oil supply bottlenecks caused by blocked Russian inflows. The IEA is ready to release additional oil reserves to bring more oil to the markets, agency boss Fatih Birol said at an energy conference in Paris.
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