Unpaid prices: During the war between Russia and Ukraine, unpaid prices rose sharply. Oil prices have risen by 18 18 a barrel in the past week.
There is a fire at crude prices
On Wednesday, Russia stepped up its attacks on Ukraine, pushing up prices of crude products. At the same time, OPEC Plus refuses to increase crude production. This has had a direct impact on crude oil prices. The prices of crude products have risen the most in the last ten years.
#Russia Ukraine war Woke up on the 7th day!
The most expensive crude oil in 10 years# Brent oil $ 118 / barrel across
Why is Russian crude important?#Russia Where will the crude oil go if the supply stops?
– Zee Business (ZeeBusiness) March 3, 2022
How to increase unpaid prices
The price of crude oil at WTI remained at $ 114 and the price of crude oil at MCX also crossed 8,600. The last time oil was priced was on November 30, when crude prices were close to $ 70. Then on February 11 it was ৯ 95 per barrel and on March 2 it was ১ 111 per barrel.
Why are crude prices rising?
The effects of the Russia-Ukraine war continue to be felt on crude oil prices. In such a situation, the price of crude oil suddenly rose due to the intensity of the attack in Ukraine on Wednesday. OPEC Plus, on the other hand, refused to increase crude oil production further at their meeting on Wednesday. According to OPEC Plus, crude oil production will increase by 4 lakh barrels in April. At the same time, the effect of increasing demand for oil in the world market is also being seen in the price of crude oil.
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Why Russia dominates
Let us tell you that Russia’s 10 percent share in the world market comes from Russia alone. Russia is the world’s second largest oil producer. Russia produces 10 million barrels per day, of which 50 percent is supplied to other countries. Russia provides 50 percent of this supply to Europe alone. Due to which the concern of Europe has also increased. That is why Europe is not taking any direct decision on oil despite all kinds of sanctions.
Former oil secretary S Narayan said disrupting oil supplies from Russia would have a direct impact on prices. Due to this, inflation will also increase in the country.
Negative attitude is prevailing in the market
Former ONGC chairman RS Sharma said it was not possible to compensate if crude supplies from Russia were cut off. No other country has so much surplus that it can fill it. At the same time, there is a negative attitude in the market due to the decision of OPEC Plus. In view of this, if there is no agreement between the two countries, it will not be a surprise if the price of crude oil reaches $ 150.
S Narayan said that despite an agreement between the two countries, the price of crude oil would remain close to 100 100 for the next three to four months. Oil prices will not fall overnight.