Fear of Oil Prices Surpassing $100 a Barrel
<div><img width="1200" height="820" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/02/zbynek-burival-GrmwVnVSSdU-unsplash.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Oil, Russia" loading="lazy" srcset="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/02/zbynek-burival-GrmwVnVSSdU-unsplash.jpg 1200w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/02/zbynek-burival-GrmwVnVSSdU-unsplash-300×205.jpg 300w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/02/zbynek-burival-GrmwVnVSSdU-unsplash-1024×700.jpg 1024w, https://6ztkp25f.tinifycdn.com/wp-content/uploads/2022/02/zbynek-burival-GrmwVnVSSdU-unsplash-768×525.jpg 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></div><h1><span data-preserver-spaces="true">Fear of Oil Prices Surpassing $100 a Barrel</span></h1>
<p><span data-preserver-spaces="true">On Monday, Egypt’s and Cyprus’ energy ministers expressed grave alarm about the possibility of </span><a href="https://www.financebrokerage.com/oil-prices-will-rise-if-the-russia-ukraine-crisis-escalates/" target="_blank" rel="noopener"><span data-preserver-spaces="true">oil prices</span></a><span data-preserver-spaces="true"> rising above $100 per barrel.</span></p>
<p><span data-preserver-spaces="true">More than a dozen countries have urged their nationals to flee Ukraine in the face of Russian invasion threats.</span></p>
<p><span data-preserver-spaces="true">On Monday morning, international benchmark Brent crude futures hit a fresh seven-year high, owing to rising global tensions. The contract saw trading at $94.33, down 0.1 percent for the day; afterward, it touched a high of $96.16 earlier in the session.</span></p>
<p><span data-preserver-spaces="true">Meanwhile, West Texas Intermediate futures in the United States traded at $93.20, up 0.1 percent.</span></p>
<p><span data-preserver-spaces="true">The United States and Europe have warned to sanction Russia if it invades Ukraine. This raised fears of a supply disruption from one of the world’s largest producers. Russia denied in the past that it was plotting an invasion of Ukraine; however, it amassed over 100,000 troops on the country’s borders. The International Energy Agency has previously identified</span><a href="https://www.financebrokerage.com/natural-gas-in-2022/" target="_blank" rel="noopener"><span data-preserver-spaces="true"> natural gas</span></a><span data-preserver-spaces="true"> as the “cleanest burning and fastest-growing fossil fuel.” Still, its long-term use in the transition to net-zero energy systems remains unknown.</span></p>
<p><span data-preserver-spaces="true">To be clear, the primary cause of the climate emergency is the burning of fossil fuels like coal, oil, and gas.</span></p>
<h2><span data-preserver-spaces="true">Is There a Plan in Place for OPEC if Russia Invades?</span></h2>
<p><span data-preserver-spaces="true">It is impossible to foresee when it comes to geopolitics, such as the Russia-Ukraine situation.</span></p>
<p><span data-preserver-spaces="true">Despite promising to undo historic supply cutbacks progressively, OPEC and its allies, known as OPEC+, have failed to build up output in recent months. The UAE is a member of the Organization of Petroleum Exporting Countries (OPEC).</span></p>
<p><span data-preserver-spaces="true">“I don’t think we need to escalate further than what is said,” al-Mazrouei said when asked if OPEC+ had a plan in case Russia invaded Ukraine.</span></p>
<p><span data-preserver-spaces="true"> </span></p>
<p>The post <a rel="nofollow" href="https://www.financebrokerage.com/fear-of-oil-prices-surpassing-100-a-barrel/">Fear of Oil Prices Surpassing $100 a Barrel</a> appeared first on <a rel="nofollow" href="https://www.financebrokerage.com">FinanceBrokerage</a>.</p>
Leave a Comment