Oil Prices Slump As UAE Signals Support for Increased Output by OPEC
Russia’s invasion of Ukraine has incessantly continued since it began on February 24. Multiple attempts by delegates from Ukraine for a ceasefire have failed, spurring a mass exodus of over 2 million refugees from Ukraine.
Oil prices have surged this month on exacerbated supply chain interruptions amid the Russia-Ukraine war. Brent crude oil, the international benchmark, climbed to $139 barrel on Monday, the highest level since 2008. On Wednesday, however, Brent crude oil slumped by 13% to $111.10 per barrel, posting its steepest one-day decline in about two years.
The decline was propelled by indications of U.S. progress in its efforts to increase oil production from other sources. On Wednesday, Secretary of State Antony Blinken encouraged statements from the United Arab Emirates that they support increased oil production by OPEC+, a group of 13 oil-exporting nations...
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