WTI oil soars more than 10% and exceeds $100 on supply fears

WTI oil soars more than 10% and exceeds 0 on supply fears

Facing the tension in Eastern Europe, many companies are cutting commercial and financial relations with Russia. The British hydrocarbons giant Shell announced on Monday to divest itself of its participation in several joint projects with the Russian group Gazprom due to the invasion of Ukraine.following the example of BP which was separated from the Russian company Rosneft.

In this stage, the crown prince of Abu Dhabi and de facto leader of the United Arab Emirates, Mohamed bin Zayed, and the Russian president, Vladimir Putin, stressed the need to “preserve the stability” of the energy market world in a telephone conversation on Tuesday.

The Russian invasion of Ukraine and the threat of a new round of Western sanctions against Moscow caused oil prices to soar again.

The Emirates, like its Arab neighbors in the Gulf, has so far been reluctant to condemn the Russian invasion and abstained in a UN Security Council vote on the offensive.

Sheikh Mohamed and Vladimir Putin “agreed on the need to preserve the stability of the world energy market,” according to the official Emirati news agency WAM.

In his interview with Putin, the Emirati leader reiterated “the need for a peaceful solution to the crisis to guarantee the interests of all parties and their national security,” according to the same source.

In Moscow, a Kremlin statement gave an account of this telephone interview, during which “the parties discussed the situation in Ukraine. Vladimir Putin gave a detailed report on the reasons and objectives of the Russian special operation to protect Donbas”, pro-Russian separatist territories. in eastern Ukraine.

The prince “asserted Russia’s right to guarantee its national security,” according to the Russian statement. This phrase does not appear in the official Emirati text.

Source: Ambito

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