Some European Union countries may threaten to fold their sanctions against Russia as oil prices soar.
News article, Hungarian leaders said an EU oil boycott would devastate its economy and"destroy its stable energy supply."
Saudi Arabia's Minister of Energy Abdulaziz bin Salman speaks during a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna on October 5. OPEC has agreed to slash oil production by 2 million barrels a day.Germany imposed domestic subsidies on fuel to reduce consumers' burdens.
The EU has struggled to agree on such measures, but European Commission President Ursula von der Leyen will meet with EU leaders this week to discuss capping gas prices in hopes of weakening increasing energy costs. According to Reuters, most EU members support a cap but others like Germany, Denmark and the Netherlands are concerned a cap could threaten supply.
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