Russia-Ukraine War: Know how much the 'fire' in crude oil will scorch India

Russia-Ukraine War: Crude crosses $110, IEA warns the world


new Delhi. Crude oil has flared up due to the ongoing war between Russia and Ukraine. In the global market, the price of Brent crude has increased to $ 110 per barrel. Meanwhile, the International Energy Agency (IEA) has warned of increasing energy crisis in the world.

Experts had already feared that there could be a sharp jump in the prices of crude oil. On Wednesday morning, Brent crude prices jumped more than 5 percent and reached $110.54 per barrel. WTI (WTI) also rose by more than 5 percent to cross $ 108 per barrel.

Also read – Petrol Diesel Prices Today: Crude reached $110, then petrol-diesel prices changed, know the new rate of your city

Russia’s supply increased the crisis
Due to the war, the supply of crude oil from Russia was affected and there was a sudden 7 percent jump in prices, due to which the price of crude reached the highest since 2014. Crude oil is not being supplied as per the global agreement. IEA members including Japan, America have prepared to release 60 million barrels of oil from their reserves, but this is less than a day’s oil consumption.

Also read – What will be the ruin of Russia by leaving the SWIFT payment system, know how much will be the effect on India?

Energy crisis may arise around the world
The IEA has said that after the release of even faster than the oil reserve, there is no significant effect on the prices. If this increase continues, then there may be an energy crisis in the world. America has released 30 million barrels of oil from its reserves in the market. However, as the consumption of oil is increasing around the world, the oil kept in reserve will not be enough for this. Before the Corona epidemic, 100 million barrels of oil were being consumed daily worldwide.

Tags: Crude oil, Crude oil prices


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