Soaring diesel prices squeeze US trucking industry, Novak warns of oil shortage in Europe

On Wednesday, June 1st, record-high fuel prices are squeezing the US trucking industry, raising costs for businesses and consumers and fueling widespread inflation.Show more

Oil prices jumped again this week after the European Union agreed to ban about 90% of oil imports from Russia by year's end to undermine its finances. Tuesday, oil prices were nearly $117 a barrel.
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2. Eurozone Annual Inflation Hits New Record Of 8.1% In May. Energy is expected of 39.2%:
(https://youtu.be/0RbHEiQz87k)

European Union ambassadors approved on Thursday the proposed partial ban on Russian oil imports into the EU as part of a sanctions package that also aims to cut Russia off the tanker insurance market and limit its ability to redirect seaborne oil exports to third countries.

After weeks of negotiations, the EU leaders clinched a deal late on Monday to ban Russian oil imports via sea by the end of the year. For weeks, Hungary had blocked a decision on an embargo after the European Commission proposed a full ban by the end of the year on all Russian oil imports. The initial proposal was watered down to an agreement on a ban on seaborne imports by the end of the year, with pipeline crude exempted, for now.
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3. Novak warns of oil shortage in Europe due to import ban.

The decision of the European Union on the partial embargo for Russian oil is deferred and the market should manage to reshape during that time, Russian Deputy Prime Minister Alexander Novak said in an interview with the Rossiya-24 TV Channel.

"As regards decisions of the European Union on embargo, this is a deferred decision. Six-eight months will pass; the market should readjust itself by that time," Novak said.

The decision of the European Union is political to a greater extent, rather than economical, because European consumers will be the first to suffer from it. "We see the price growth not only for oil but also for oil products. I do not rule out there will be a huge deficit of petroleum products in the European Union is not excluded, he added.
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1. The president of the European Council has announced an agreement among EU countries to ban most Russian oil imports to the 27-nation bloc.:
(https://youtu.be/af1xPiILI3s)
2. Ignoring EU sanctions, Serbia secures cheap gas at one third of the EU prices. Oil to new highs:
(https://youtu.be/EOmWsdR6Z6U)
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* Eu's Super Height Commissioner: Why some EU states allowed to block sanctions on Russian oil?:
(https://youtu.be/a7FhhWnNyAI)
** New EU Super Height Advisor: sanctions without oil ban would mean EU unity 'broken':
(https://youtu.be/1U7YZWmwKlY)