World Energy Agency member states consider releasing 60 million barrels of oil from their strategic petroleum reserves to the seven-and-a-half-year high following fear have reached seven-and-a-half-year high following fear of a disruption in the supply chain following Russia's invasion of Ukraine.
According to a report by the British News Agency, crude oil prices rose by about 8% on Tuesday.
Brent crude for May delivery rose 7.83 to 5 105.80 a barrel.
US crude for April delivery rose 8.27 a barrel to 3 103.99 a barrel.
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Brent crude oil traded at its highest level since August 2014 and West Texas Intermediate July 2014.
On the other hand, to prevent supply disruptions and price increases due to the war between Russia and Ukraine, the member countries of the International Energy Agency are considering releasing 60 million barrels of oil from their sta strategic petroleum reserves in the market as to cause a shortage. Prices do not go up.
Talks between the Organization of the Petroleum Exporting Countries (OPEC) and Russia are expected to take place on Wednesday.
The United States and the European Union have imposed economic sanctions on Russia and frozen the assets of Russian companies and individuals due to the invasion of Ukraine, which has made it difficult for countries that buy oil from Russia to make payments.
It should be noted that Russia exports 4 to 5 million barrels of crude oil per day while it exports 2 to 3 million barrels of refined oil
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