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As fighting continues in Ukraine, the price of oil has continued and it is growing at an alarming rate, it seems that even the stabilization measures aimed at calming the markets, are not achieving the expected effect.
Brent crude, the international threshold for quoting black gold, reached $ 113 a barrel, the highest level since June 2014.
The price of oil continued to rise despite members of the International Energy Agency agreeing to extract 60 million barrels of oil from emergency reserves. Russia is one of the largest oil and gas producers in the world, and it seemed inevitable that the great fear of a market earthquake in the event of a war would become a reality. Investors are gripped by panic that this situation will affect oil and gas supplies.
White House spokeswoman Jen Psaki sought to provide assurances that the United States was prepared to use any means at its disposal to avoid disruptions to energy supplies as a result of the Russian president’s actions.
Washington, she reiterated, will analyze options on how to avoid energy dependence on Russia. Moscow itself is already seeing the consequences clearly. The Swiss-based company behind Nord Stream 2, the Kremlin’s giant project that would significantly increase Europe’s supply of Russian gas, filed for bankruptcy and suspended 106 of its employees.
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