Oil prices plunge as UAE supports supply boost

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Oil prices plunge as UAE supports supply boost
10 Mar 2022
7 min read

News Synopsis

Crude Oil prices which have been soaring high since Russia’s invasion of Ukraine, declined today after the gulf country, the United Arab Emirates (U.A.E) announced that it will increase its production of oil to meet the global supply demand and check the sky rocketing fuel prices around the globe. The prices for crude oil were continuously rising amid the fear of supply disruptions of global crude oil. A few days back the United States of America also imposed a ban on importing Russian Crude oil. In a statement, Ambassador Yousuf Al Otaiba said: "We favour production increases and will be encouraging Opec to consider higher production levels." Prices of Crude Oil have been increasing since last year as demand for Oil made a strong comeback after the pandemic. However, the conflict between Russia and Ukraine dramatically shot up Crude Oil prices. A few days back it touched more than $135 per barrel which were the highest prices since 2008. Other than the USA, Canada has also banned the import of oil from Russia. The United States in order to keep a check on rising fuel prices has earlier announced that it will release 30 million barrels of Crude Oil from its strategic reserves.

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