Oil prices fell by 14-15% after OPEC + announced an unacceptably high price level

On the 15th day of the war with Ukraine, the Kremlin orcs did not gain any success at the front, so they increased the bombing of cities and support infrastructure in order to deprive people of light, water and heat. They hope that increased pressure on citizens will force the defenders to withdraw.

However, the Kremlin gang still does not understand that it is fighting not only against the army, but also against the entire people of Ukraine, whom these bombings further unite and increase hatred for the enemy who has come to seize foreign land and conquer a free nation. But an army of slaves cannot defeat an army of free and independent people.

The entire civilized world provides Ukraine with comprehensive assistance to fight the aggressor, and many companies and states refuse to work in Russia. Financial pressure on Russians will make them realize that they, together with Putin, are responsible for the war in Ukraine.

The US and Canadian bans on buying Russian oil, as well as intentions to reduce purchases from the EU, have led to a rapid increase in world oil prices, although the Biden administration is in talks with the UAE and Saudi Arabia to increase production, and also promises to reduce sanctions for Iran and Venezuela in exchange for increasing oil supplies to the world market.

OPEC Secretary General Mohammad Barkindo said that although oil futures have risen by 30% since the Russian invasion of Ukraine, there is no physical shortage of oil. Global oil reserves, which were stored on tankers around the world for at least 7 days, as of March 4 increased by 2.3% over the week to 97.09 million barrels.

Ayed Al-Qahtani, director of OPEC's research division, said that the current record high oil prices are "unhealthy" for all market participants, so he hopes that the crisis will pass as quickly as it formed.

The statement of the UAE Ambassador to the United States, Yusuf al-Utaibu, that the country supports an increase in production and plans to promote a corresponding decision in OPEC led to a sharp decline in oil prices yesterday.

May Brent crude futures on London'S ICE Futures fell 15% to.111.5/barrel, while April WTI crude futures on the New York Mercantile Exchange (NYMEX) fell 13.5% to. 108.5/barrel. 

The last time the price of Brent crude oil exceeded березні 130/barrel was in March 2012, and it reached a record $147.5/barrel in 2008.

Prices are also under pressure from increased production in Libya, where the National Oil Corporation has reopened the Sharara and Al-Fil oil fields, which were captured by the militia. Now the soldiers of the Wagner PMC and other militants financed by Russia in order to destabilize Syria and Libya are urgently being transferred to the war in Ukraine, so the situation in these countries may improve. Thanks to the valiant Armed Forces of Ukraine, which eliminated more than 13,000 Russian soldiers in 15 days, we can hope that most of the militants will not return to Libya and Syria, and Russia will withdraw from Syria after the defeat in Ukraine.