Turmoil in World market, oil prices hit $110, gas prices surpasses $1600

Oil prices have risen sharply since the starting of Ukraine-Russia crisis . Various initiatives have been taken to control the price, but it is not making much profit. Therefore, the price of oil in the international market has risen to the highest level in the last seven years. The price of oil in the world market has now reached $110 per barrel.

Also the Gas price in Europe surpasses $1,600 per thousand cubic meters.

The price of gas in Europe surged to over $1,600 per 1,000 cubic meters during Wednesday trading, according to data provided by London's ICE.

The total increase in the gas price has reached 15%, TASS reported.

The price of gas futures for April delivery at the TTF hub in the Netherlands went up to $1,607 per 1,000 cubic meters, or 140 euro per MWh (on the basis of the current euro exchange rate against the dollar, prices at ICE are in euro per MWh).

Russia is one of the largest oil producers in the world. Russia's invasion of Ukraine and a series of sanctions against Russia, including the United Kingdom and the United States, have raised concerns among investors about oil and gas supplies. Which has a direct impact on prices.

To control prices, the 30 member states of the International Atomic Energy Agency (IAEA), including the United States, have agreed to release 60 million barrels of oil from their reserves. But now the situation is so bad that despite their efforts, the rise in oil prices is not going to stop.

Along with crude oil, petrol prices have also risen in the UK. The price of crude oil, the main raw material for making petrol, is fluctuating in the country.

The International Energy Agency (IEA) is set to hold an extraordinary ministerial meeting on Tuesday to discuss what role its members can play in establishing oil markets.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers - including Russia - will also meet on Wednesday and are anticipated to maintain a gradual increase to supplies.

Written by Tanvir Akhter, https://www.dhirubhai.net/in/tanvirakhter1

CEO: Tans Shipping and Trading.

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