Because of aggressive war on Ukraine
Oil price rises more than 6 percent
02/28/2022 06:56 am
Russia’s war of aggression in Ukraine continues to escalate: while the West announces that it will support Ukraine with significantly more weapons, Putin is threatening to use Russian nuclear forces. The world markets are also feeling the effects – the price of oil is skyrocketing.
Against the background of Russia’s war of aggression in Ukraine, the price of oil on the world markets has risen sharply. On Monday night, the price for a barrel (159 liters) of the West Texas Intermediate (WTI) variety rose by more than six percent to 97.33 (87.11 euros). The price of the North Sea Brent rose by more than five percent to $103.06.
Russia and the West had previously tightened their measures in the dispute over the Russian war of aggression against the neighboring country, which began on Thursday. Moscow recently put its nuclear forces on increased alert, citing alleged “aggressive statements” by high-ranking representatives of NATO countries and “unfriendly” steps taken by the West against his country.
The West has significantly expanded its arms deliveries to Ukraine. Germany gave up its reluctance to export arms to conflict regions and announced a significant increase in defense spending. The EU also closed its airspace to Russian planes and blocked Russian banks from the Swift payment system.
British energy giant BP announced that it is divesting its 19.75 percent stake in Russian oil company Rosneft. Meanwhile, Saudi Arabia reiterated its commitment to the oil alliance with Russia as part of Opec+. Opec+ consists of the 13 member countries of Opec, led by Saudi Arabia, and its ten partners, including Russia.
These countries are attempting to influence oil prices by agreeing on production volumes. On Wednesday, the 23 members of Opec+ want to discuss a possible increase in production at a conference call.