Thursday, 24 February 2022 (YJC)_ While the United States has announced sanctions against Russia, members of its administration are concerned about the impact of the sanctions on the oil market and rising fuel prices.
A senior US Treasury official said Biden's actions on Tuesday and what he might do against Russia were not going to hurt global energy markets.
Western nations imposed a new round of sanctions on Russian banks and individuals on Tuesday after Russian forces entered two areas in eastern Ukraine.
A US Treasury Department spokesman said on condition of anonymity that he did not want to be named.
The sanctions imposed yesterday and what will be imposed in the near future have not and will not target the flow of oil and gas.
"We want the market to note that there is no need to raise prices right now."
Despite the Biden administration's efforts to keep the oil market calm, oil prices reached close to $ 100 a barrel after the sanctions were announced.
The US Treasury official also revealed the renewed pressure on OPEC to increase production and calm markets.
The Biden government says all options are on the table, including sanctions on institutions that could affect energy (markets). But the government is worried that the move could raise fuel prices for consumers ahead of congressional elections later this year.
A meeting of gas exporting countries was held in Doha, Qatar yesterday. Most of the countries participating in the summit are also oil producers, who have stated their opposition to sanctions against the member states of the forum.
The Nigerian Minister of Oil also said in a speech at the meeting that although the price of oil has reached $ 100, but despite the increase in production and exports of Iran, there is no need for OPEC to increase production.
Rising oil prices, driven by rising US fuel prices and record gasoline prices, along with inflationary pressures, are among the factors that have increased pressure on the Biden government.
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