Speaking to the Bundestag parliament, Scholz said German will continue to look to reduce its dependency on Russian oil and gas but warned "hasty" action could trigger a recession.

By 2025, carbon-free energy sources should account for 20% of the energy mix and 39% of the power mix.

Brent were up 95 cents, or 0.82%, to $116.43 a barrel, WTI rose 73 cents, or 0.67%, to $110 a barrel.

Russia is one of the three largest crude oil producers in the world, after the United States and Saudi Arabia. European countries—which have not banned Russian energy imports—generally import more of Russia’s crude oil and petroleum products than the United States.

Russian Urals cargoes basis CIF Rotterdam were assessed at a new record low of Dated Brent minus $30.99/b and for CIF Augusta at Dated Brent minus $30.69/b March 23.

Brent fell $1.92, or 1.7%, to $113.70 a barrel, WTI slipped $2.82, or 2.5%, to $109.3.

"If oil is sold at a discount, then [consumers] will be happy to buy it. We will earn less, but we will be able to place oil," Novak said.

Germany and Hungary are putting the brakes on a potential EU embargo on Russian oil,

Brent climbed $3.74, or 3.5%, to $111.67 a barrel, WTI rose $3.98, or 3.8%, to $108.68.

The price of OPEC basket of thirteen crudes stood at $104.96 a barrel on Thursday, compared with $104.06 the previous day, according to OPEC Secretariat calculations