{"id":5094,"date":"2022-03-10T06:03:44","date_gmt":"2022-03-10T06:03:44","guid":{"rendered":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/?p=5094"},"modified":"2022-03-10T06:03:44","modified_gmt":"2022-03-10T06:03:44","slug":"war-in-ukraine-oil-prices-plunge-as-uae-supports-supply-boost","status":"publish","type":"post","link":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/2022\/03\/10\/war-in-ukraine-oil-prices-plunge-as-uae-supports-supply-boost\/","title":{"rendered":"War in Ukraine: Oil prices plunge as UAE supports supply boost"},"content":{"rendered":"\n

Link to article: https:\/\/www.bbc.com\/news\/business-60680787<\/a><\/p>\n\n\n\n

Brent crude, an international benchmark for oil, fell more than 17% at one point after the statement by the UAE, a member of the powerful oil cartel OPEC. This follows weeks of skyrocketing prices due to supply disruptions sparked by Russia’s invasion of Ukraine, which have put a monetary squeeze on families across the globe, who were already hit hard by the Coronavirus pandemic. President Joe Biden and other leaders have pledged to try to ease the price pressures for households. Officials from the US have been in talks with oil producers aimed at boosting supply. Ambassador Yousuf Al Otaiba stated “We favour production increases and will be encouraging Opec to consider higher production levels.” Sanctions make it hard for the Russia – typically the producer of about 7% of global supplies – to find buyers for its oil, which added new price pressures. The UAE statement comes just one week after OPEC rebuffed calls to raise production levels, saying it would stick to an earlier plan to gradually increase output. <\/p>\n\n\n\n

This is incredibly important as gas prices had been skyrocketing and just about affecting everyone in the world who drives a gas powered car. Just this simple statement has provided some hope for oil markets and a possible sign that despite the current turmoil and rising prices, we may be back to average prices sooner than we think. I think that the west needs to keep the sanctions on Russia no matter the consequences, whether it be energy or otherwise. We need to take a hardline on this issue and make sure that we can snuff out this notion that you can just invade your neighbor and not face any consequences.<\/p>\n\n\n\n

This relates to what we have previously discussed in class as we have discussed OPEC in addition to other Oil giants such as Saudi Aramco, Dutch Shell, and BP.<\/p>\n","protected":false},"excerpt":{"rendered":"

Link to article: https:\/\/www.bbc.com\/news\/business-60680787 Brent crude, an international benchmark for oil, fell more than 17% at one point after the statement by the UAE, a member of the powerful oil cartel OPEC. This follows weeks of skyrocketing prices due to supply disruptions sparked by Russia’s invasion of Ukraine, which have put a monetary squeeze on families across the globe, who… Read more »<\/a><\/p>\n","protected":false},"author":195,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5094","post","type-post","status-publish","format-standard","hentry","category-article"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/5094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/users\/195"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/comments?post=5094"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/5094\/revisions"}],"predecessor-version":[{"id":5095,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/posts\/5094\/revisions\/5095"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/media?parent=5094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/categories?post=5094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/middleeastandnorthafricablog\/wp-json\/wp\/v2\/tags?post=5094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}