Russia warns West of US$300 per barrel oil, cuts to EU gas supply

Higher prices: A 3D-printed oil pump jack is seen in front of displayed stock graph in this illustration picture. It would take Europe more than a year to replace the volume of oil it receives from Russia, according to Novak. — Reuters

DUBLIN: Western countries may face oil prices of over US$300 (RM1,254) per barrel and the possible closure of the main Russia-Germany gas pipeline if governments follow through on threats to cut energy supplies from Russia, according to a senior minister.

Oil prices spiked to their highest levels since 2008 yesterday after US Secretary of State Antony Blinken said Washington and European allies were considering banning Russian oil imports.