If Russia does not do this, then the US can impose huge restrictions and tariffs on countries trading with Russia. The rate of these tariffs can be up to 500 percent. This will directly affect the global supply of oil, as Russia is one of the largest oil producers in the world. Experts believe that this will increase oil prices and by the end of 2025, Brent crude can go up to $ 80-82 and WTI crude to $ 76-79 per barrel.
This news is especially a matter of concern for India. India has increased the import of crude oil from Russia since the Ukraine War began. Earlier, where only 0.2 percent oil used to come from Russia, now this share has reached 35-40 percent. Russia is now India’s largest oil supplier. But if America’s sanctions are applicable, then India may have difficulty in buying cheap Russian oil. This means that India may have to pay a higher price for oil.
What will be the effect on the common man?
1. Petrol and diesel prices will increase: Increasing oil prices means that petrol and diesel will be expensive. This will not only increase the cost of driving, but will also increase the cost of transportation. This will affect the prices of vegetables, grains and everyday things.
3. Impact on industries: Oil is used not only in vehicles, but also in factories and power generation. Due to expensive oil, the cost of production will increase, which can affect goods prices and employment.
What is the way now?
NS Ramaswamy, an expert at Ventura Securities, says that Saudi Arabia and OPEC countries need help to meet the reduction in oil supply, but it will take time. Till then oil prices can remain high. Countries like India will now have to pay more attention to alternative energy sources, such as solar and wind energy. Also, the common man will also need to balance his expenses.
