ANN special report: Japan, Europe should rework energy strategy to move away from Russia

Japan and other oil-consuming countries hope that oil-producing countries like Saudi Arabia can increase their output. – Reuters

THE price of crude oil has been soaring due to the belief that economic sanctions against Russia will disrupt supply. Japan and Europe should rework their strategies so as to break away from their dependence on Russia for energy.

On the New York crude oil futures market on March 3, the benchmark futures price temporarily exceeded US$116 (RM486.40) per barrel.