Tuesday, January 31, 2023
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Crude oil price skyrocketed marking highest price after 13 years

The crude oil price has surged in the global market marking a record breaking price, amid the ongoing tensions in Ukraine due to the Russian invasion.

The price of a crude oil barrel of Brent type had surged up to US$ 140 yesterday, but the figure has dropped to US$ 128 today, marking the highest crude oil price since 2008.

Due to ongoing tensions between Russia and Ukraine, many countries have refused to purchase crude oil from Russia, the world’s second largest crude oil supplier. This has led to simultaneous high demand for crude oil in the Middle East, hence the price surge.

In the meantime, a number of countries have requested Saudi Arabia to increase the number of barrels of crude oil supplied to the global market. The Saudi Authorities, nevertheless, have not yet made any decision in this regard, reports said.

Before the Russian invasion, the price of a crude oil barrel was below US$ 90 and has begun to rise by more than 50 per cent in a matter of weeks.

MIAP

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