Government says there’s no need to panic just yet but warns Barbadians to brace for a possible hike in international energy prices as a result of the Ukraine crisis.

Minister of Energy and Business Development, Kerrie Symmonds, speaking in the House of Assembly, also disclosed that part of Barbados’ response will be to boost its own oil production by restarting operations at dormant wells and to accelerate the development of the renewable energy sector.

Mr. Symmonds notes that a Russian invasion of the Ukraine has commenced and believes that Eastern Europe could be on the precipice of the largest land conflict since World War 2.

And since a critical gas pipeline is a key part of the dispute this could result in a shortage of natural gas in Europe with spinoff effects for the rest of the world. Some of oil prices already having started to increase.