ISLAMABAD, Mar 10 (Alliance News): The United Arab Emirates (UAE) has reportedly demanded that OPEC members increase production in order to alleviate some of the supply concerns caused by sanctions imposed on Moscow following Russia’s invasion of Ukraine. Since then, oil prices have fallen by more than 12 percent.
According to foreign media , the Global oil prices have fallen to record lows, easing the fears of some investors about disrupting Russian supplies, the International Energy Agency said. The reserves can be further utilized.
The drop in prices came after the Financial Times reported that the UAE’s ambassador to Washington, Yousef Al-Atiba, had said that the UAE was in favor of increasing oil production.
Bob Yooger, future director of energy at Mizuho, said that this is not a trivial matter.
Brent oil fell 12.4 percent to 11 112.15 a barrel, while the WTI fell 11.4 percent to 9 109.59 a barrel.
Following Russia’s attack on Ukraine, the world’s second-largest crude oil exporter, the world responded to the attacks in the form of financial sanctions, including a ban on oil imports from Russia. It rose more than 30 percent to 2008 139 a barrel in 2008.
Brent gained 28% in the last 6 days of trading, and the Relative Strength Index, which points to the boom, showed that the market was ready to sell shares.
Bob Yaoger said there was certainly room for a slight reduction at this level, in which case buyers were running out.
US President Joe Biden on Tuesday imposed an immediate ban on Russian oil, but major European countries did not join the decision, largely because they are heavily dependent on Russian oil.
Britain has said it will cut Russian imports, while several other buyers have stopped buying Russian crude.
According to financial institution JPMorgan, finding a buyer for about 70% of Russian crude oil sales is a challenge.