S&P: RUSSIAN OIL REMAINS AN IMPORTANT COMPONENT OF THE GLOBAL ENERGY BALANCE

Russian oil remains an essential component of the global energy balance, so the introduction of further sanctions against Russia will lead to higher oil prices and inflation, said Dave Ernsberger, co-chairman of S&P Global Commodity Insights.

"The entry of Russian oil into the global energy market is a truly important component of the global energy balance. Russia is a huge producer. It is the third largest producer in the world after the United States and Saudi Arabia, and if someone significantly reduced the amount of Russian oil on the market, it would lead to a price increase. Global energy prices would rise, which in turn would lead to inflation," an American analyst said on the sidelines of the Energy Markets Forum international conference held in Fujairah.

Although US President Donald Trump insists on the need to keep oil prices low, he has repeatedly raised the possibility of imposing new sanctions against the Russian energy sector. On September 13, the US prime minister stated that he was ready to impose sanctions on Russia if all NATO members stopped purchasing Russian oil. Trump also called the continued import of energy resources from Russia by some NATO countries "shocking."