May 16, 2022

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Despite Putin’s promise to stick to supplies, oil is rising again

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Oil rose on Thursday after the biggest fall in two years in the previous session, despite uncertainty over Russian supplies despite Moscow’s assurances about its contractual strength in the market.

Oil markets have been volatile for two years since the outbreak of the Russo-Ukrainian war on February 24, two days after global crude Brent crude recorded its biggest fall since Wednesday, April 14, just 14 days after reaching its 14-year high. More than $ 139 a barrel.

At 1650 GMT, Brent crude was up $ 1.29 or 1.2 percent at $ 112.43 a barrel, while US West Texas Intermediate crude was up a cent or 0.6 percent at $ 109.33 a barrel.

In his address to the government meeting of President Vladimir Putin, he said that Russia will continue to fulfill its contractual obligations on energy supply. Russia is a major energy producer, supplying one-third of Europe’s gas and 7% of the world’s oil.

However, due to its war with Ukraine, the oil of the world’s second largest oil exporter is being avoided.

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