Crude oil prices in global stock markets fell sharply on Wednesday afternoon. A barrel of West Texas Intermediate crude oil was below $110 and Brent crude was $112. The decline occurred after information was received about the progress of talks between the United States and producers of raw materials. The CNBC portal said the United States was urging an increase in production.
Reuters said that Iraq may increase production if requested by OPEC +. In turn, Foreign Minister Anthony Blinken said that the UAE would support the proposal to increase OPEC + production.
“We support increased production and will encourage OPEC to consider higher production levels,” Reuters quoted Ambassador Yousef Al-Otaiba in a statement on Twitter to the UAE embassy in Washington.
US Secretary of State Anthony Blinken said on Wednesday that the UAE supports increasing oil production, Reuters reported.
Sharp drop in oil prices – Comments
WTI crude oil is down more than 13 percent. And it is on track for its worst day since April 2020. Earlier this week, WTI briefly crossed $130. Barrels – a 13-year high – a result of the Russian invasion of Ukraine – CNBC reported.
– The price of a barrel was 130 dollars as a result of the shift to the mentality of a complete blockade in the oil market, where we only saw the loss of all Russian production, the lack of response by OPEC and the deterioration of the situation in Ukraine. . Now, it seems, we’ve reversed it, at least to some extent. I don’t want to get ahead of the curve, John Kilduff of Again Capital said on CNBC’s The Exchange.
Last week, the International Energy Agency released 60 million barrels of oil reserves to make up for supply disruptions after the Russian invasion. The agency called the move a “pre-reaction” and said more could be released if needed, it wrote on the CNBC portal.
The world is working together to deal with rising oil prices. That gives us peak oil in the short term,” said Ed Moya, chief market analyst at Oanda, quoted by CNBC.
Crude Oil – Quotes
The price of a barrel of West Texas Intermediate crude oil on Wednesday at around 19.30 was about $108, after a drop of $15 (12 percent). In contrast, Brent crude cost just over $111 a barrel – after a drop of more than $16 (13 percent).
US President Joe Biden announced on Tuesday that there will be an embargo on Russian oil and other energy resources in response to the invasion of Ukraine. “We are banning oil and gas imports,” Biden told reporters at the White House.
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