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Oil prices rise after attack on Saudi oil facilities

Oil prices

London, (Business News Report)|| Oil prices rose today morning as a result of the continuation of the Russian war and the attack on Saudi oil facilities, on Sunday evening.

Oil prices rose by $3, while Brent crude exceeded $110 a barrel.

The European Union is also studying Russian oil embargo, as did the United States, which boosts the rise of oil prices further.

Brent crude futures rose $3.44, or 3.2 percent, to $111.37 a barrel by 0443 GMT, adding to its 1.2 percent rise last Friday.

The US West Texas Intermediate crude futures rose $3.54, or 3.4 percent, to $108.24, to continue its rise by 1.7 percent last Friday.

Prices rose ahead of talks this week between European Union governments and US President Joe Biden in a series of summits aimed at bolstering the West’s response to Moscow over its invasion of Ukraine.

European Union governments will consider whether to impose an oil embargo on Russia.

Ukraine’s Deputy Prime Minister Irina Vereshchuk said early Monday morning that there was no chance of troops surrendering in the besieged eastern port city of Mariupol.

The focus has returned to whether the market will be able to compensate for Russian oil production, which has been hit by sanctions, with little sign of the conflict abating.

“A Houthi attack on a Saudi energy terminal, warnings of a structural shortfall in production from OPEC and a potential European Union oil embargo on Russia have seen oil prices jump in Asia,” OANDA senior analyst Jeffrey Halley said in a note.

“Even if the Ukraine war ends tomorrow, the world will face a structural energy deficit thanks to Russian sanctions.”

The latest report issued by the OPEC + showed that the production of some countries still did not reach the agreed level of their production quotas.

Three sources told Reuters that OPEC+ did not achieve the target level of its production of more than one million barrels per day in February, under its agreement to increase production by 400,000 barrels per day each month.

Oil prices also rose after Ukraine’s deputy prime minister, Iryna Vereshchuk, said early Monday morning that there was no chance of troops surrendering in the besieged eastern port city of Mariupol.

The focus has returned to whether the market will be able to compensate for Russian oil production, which has been hit by sanctions, with little sign of the conflict abating.

The latest report issued by the OPEC+ group showed that the production of some countries still did not reach the agreed level of their production quotas.

Three sources told Reuters that OPEC+ did not achieve the target level of its production of more than one million barrels per day in February, under its agreement to increase production by 400,000 barrels per day each month.

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