The price of oil is the highest since last October

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The market is looking ahead to Wednesday’s online meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies. They will discuss the current market situation, with an agreement likely to be reached to extend the previous decision to voluntarily cut production by 2.2 million barrels per day until the end of June.

The price of oil has risen in recent weeks due to tight supplies due to Ukraine’s attacks on Russian energy infrastructure and the war in the Middle East.

On Tuesday, Ukrainian forces hit an oil refinery in Nizhnekamsk, which is the third largest in Russia, with a drone attack. According to Reuters, a primary refining unit was hit, but the damage was not expected to be critical.

Banks send oil payments to Russia with long delays. They are afraid

Economy

The Financial Times reported two weeks ago that the US had called on Ukraine to stop attacks on Russian energy infrastructure because the strikes could lead to an increase in world oil prices and provoke retaliatory reactions from Russia.

The price of Brent was 77 dollars at the end of the year, now it is approaching the 90-dollar mark. In the case of the US West Texas Intermediate (WTI) light oil, there was also a significant price increase during the same period, from $72 to almost $85 per barrel on Tuesday.

Stop attacks on Russian refineries, the US is pushing Ukraine

The war in Ukraine

The article is in Czech

Tags: price oil highest October

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