Urgent Oil Drilling Mission To Help Cushion Economic Blow From Escalating Russia-Ukraine Conflict

• A team of oil and gas specialists have been summoned from the Republic of Trinidad and Tobago to assist Barbados with an urgent oil drilling mission, as the country looks long-term at cushioning any likely economic blow from the escalating conflict between Russia and Ukraine. 
• Minister of Energy, Small Business and Entrepreneurship Kerrie Symmonds urged citizens to brace for the possible impact, revealing that the most recent developments have made feared gas price increases “almost inevitable”. 
• Symmonds disclosed that a supply analysis conducted by the Barbados National Oil Company (BNOC) revealed that only 30% of the gas consumed here is locally produced with the remaining 70% imported. The minister urged citizens to conserve energy as the country continues to monitor the events happening in Ukraine and Russia. 
• The Russia-Ukraine conflict is likely to lead to a global economic blowout. Russia is the second-largest oil exporter, and its decision to invade Ukraine will have substantial implications on oil prices and the global economy.

 (Source: Barbados Today)