The UK will look to expand domestic nuclear and offshore wind capacity to bolster the country’s energy independence, according to Prime Minister Boris Johnson.
Johnson is expected to set out a new strategy by the end of the month on energy security after Russia’s invasion of Ukraine has sent sent oil and gas prices soaring.
Russia’s invasion of Ukraine has sparked significant gains in crude oil prices.
The increase has been driven by a surge in energy prices prompted by concerns about disruptions to Russian output in the face of sanctions imposed by the US and its Western allies.
Brent Crude, the international benchmark, has gained as much as 32% since the outbreak of war.
“We need to go big on nuclear in this country, we need to go much bigger on offshore wind,” Johnson told LBC Radio.
“We can make sure that by investing in energy production, domestic energy production, independent energy production, we can have sustainable long-term suppliers that will bring down the costs for consumers over the long term.”
His comments came after the International Energy Agency released its 10-point plan to cut global oil demand last week, saying the “emergency measures” can cut demand by 2.7 million barrels a day within four months.
The IEA said Russia’s invasion of Ukraine leaves the world facing its biggest oil supply shortage in decades.
However, OPEC’s secretary-general Mohammad Sanusi Barkindo recently said there’s “no capacity in the world” that could replace the 7 million barrels of oil Russian produces per day.