Lack of investments fuels growing energy crisis
Soon as the EU announced its 6th tranche of sanctions that will cut off 90% of Russian oil shipments to European countries, crude oil prices nosed up to $114 a barrel. Industry predictions range from Brent crude rising to $123 in the next 10-14 days to a JPMorgan warning that the price spiral may touch $185 a barrel if there is a ‘complete shutdown’ of Russian supply.
