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Morgan Stanley Hikes Its Summer Oil Price Forecast to $94

Morgan Stanley Hikes Its Summer Oil Price Forecast to $94

Geopolitical tensions and tighter supply…

Britons Back Russian Oil Ban Even If Their Energy Bills Surge

Almost 70 percent of Britons believe that not using Russian oil and gas in the UK is the right thing to do after Russia’s invasion of Ukraine, even if not using Russian energy products raises their energy bills even further, a new poll showed on Friday.

Days after Vladimir Putin ordered the invasion of Ukraine, the UK said that it would phase out Russian oil imports by the end of this year and that Russian gas accounts for less than 4 percent of Britain’s supply. At the time of the announcement in early March, Russian imports accounted for 8 percent of total UK oil demand, but the UK is also a significant producer of both crude oil and petroleum products, in addition to imports from a diverse range of reliable suppliers beyond Russia including the Netherlands, Saudi Arabia, and the United States, the UK government said.  

In a poll for inews.co.uk by BMG Research, 69 percent of Britons say stopping the use of Russian energy products is the right thing to do, even if their bills may rise more. UK households already saw a major hike in energy prices as of April 1, when the so-called cap on energy prices was raised.

Asked what extra help the UK could provide to support Ukraine in its fight against Russia, 62 percent of Britons say provide more medical supplies, 58 percent support more UK sanctions on Russian oligarchs and businesses, and 51 percent would support the UK sending more military equipment to Ukraine, including vehicles and weapons.  

In the wake of the Russian war in Ukraine, the UK is reconsidering its energy strategy and is leaving “all options on the table” to boost its domestic oil and gas supply and reduce dependence on foreign energy. The UK could even reconsider its 2019 moratorium on fracking.

By Tsvetana Paraskova for Oilprice.com

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