On Monday, Egypt’s and Cyprus’ energy ministers expressed grave alarm about the possibility of oil prices rising above $100 per barrel.
It comes as more than a dozen countries have urged their nationals to flee Ukraine in the face of Russian invasion threats.
On Monday morning, international benchmark Brent crude futures hit a fresh seven-year high, owing to rising global tensions. The contract saw trading at $94.33, down 0.1 percent for the day after touching a high of $96.16 earlier in the session.
Meanwhile, West Texas Intermediate futures in the United States traded at $93.20, up 0.1 percent.
The United States and Europe have warned to sanction Russia if it invades Ukraine, raising fears of a supply disruption from one of the world’s largest producers. Russia denied in the past that it is plotting an invasion of Ukraine, despite amassing over 100,000 troops on the country’s borders. The International Energy Agency has previously identified natural gas as the “cleanest burning and fastest-growing fossil fuel.” Still, its long-term use in the transition to net-zero energy systems remains unknown.
To be clear, the primary cause of the climate emergency is the burning of fossil fuels like coal, oil, and gas.
When it comes to geopolitics, such as the Russia-Ukraine situation, it is extremely impossible to foresee.
Despite promising to undo historic supply cutbacks progressively, OPEC and its allies, known as OPEC+, have failed to build up output in recent months. The UAE is a member of the Organization of Petroleum Exporting Countries (OPEC).
I don’t think we need to escalate further than what is said, al-Mazrouei said when asked if OPEC+ had a plan in case Russia invaded Ukraine.
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