By Staff, Agencies

Turkey’s Deputy Minister of Energy and Natural Resources Alparslan Bayraktar warned that US’ decision to cut off oil exports from Russia will have disastrous consequences for the global energy market.

During CERAWeek, an international energy conference in Houston, Texas, Bayraktar stated that “It will be very difficult to replace the Russian oil on the world market. Russia is the largest oil producer in the world.”

According to the Turkish official, with the global economy recovering from the recession caused by the Covid-19 pandemic, an increase in oil production is needed, the opposite of what the US is trying to do, at present. 

Earlier on Tuesday, in a bid to “target the main artery of Russia’s economy,” US President Joe Biden signed an order banning oil and gas imports from the world’s largest nation in retaliation for Moscow’s military attack on Ukraine.

“We’re banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports, and the American people will deal another powerful blow to Putin’s war machine,” Biden explained.

Staggering inflation and supply-chain disruptions have already made gas prices in the US skyrocket, approaching a record-high $5 per gallon. The newly introduced ban on Russian petroleum products, which amount to 8% of all US oil imports, will likely make the prices climb even higher.

Later the same day, when reporters asked Biden what Americans should do about the rising costs, he responded “what can you do about it? Can’t do much right now. Russia is responsible.”

Meanwhile, the European Union has no plans to cut off Russia’s oil exports. While the US does not import Russia’s natural gas, it amounts to one-third of the EU’s energy consumption.