Russia is the world’s third-biggest producer of petroleum and is a major exporter of natural gas. “It’s a tricky moment now, given where the global economy is.’’Russia's attack could slow Europe’s economic recovery by sending already elevated energy prices ever higher. High natural gas prices have already led to higher home utility bills for both natural-gas heat and electricity generated from gas, crimping consumer spending. Natural gas prices, which have tended to rise on crisis news, remain about four times what they were at the start of 2021. Rising energy and food prices will intensify the inflationary pressures that policymakers and central banks are struggling to ease.

Source: Libya Today February 24, 2022 16:48 UTC