London, (Business News Report)|| The International Energy Agency (IEA) has discussed the issue of the Russian invasion of Ukraine, and its implications on the energy security of countries.
The IEA pledged, at a meeting in Paris, to ensure the global energy security.
“Today I convened a meeting to bring together representatives of the IEA’s 31 member countries,” IEA executive director Fatih Birol said in a statement.
“We reviewed how the Russian invasion has increased concerns among oil market participants against the backdrop of already tight global markets and heightened price volatility,” he said.
In light of the risks of further escalation, the member states of the IEA have agreed to continue working together to ensure global energy security.
Informed sources in OPEC+ told Reuters that the organization would adhere to the current oil production policy at the next March 2 meeting, despite the rise in prices after Russia’s invasion of Ukraine.
Global oil prices jumped, and Brent crude exceeded $105 a barrel for the first time since 2014, with the start of a large-scale Russian military operation against Ukraine.
Analysts expect that global markets will witness a “major earthquake” as a result of the current crisis, and the possibility of imposing sanctions on Moscow.
Russia is one of the largest oil producers in the world. These tensions threaten crude supplies, as it produces more than 10 million barrels per day.
The ministers of the OPEC+ alliance had agreed, at the beginning of February, to continue the production policy unchanged next March, with an increase of 400,000 barrels per day on a monthly basis.
OPEC+ group will hold a meeting on March 2, 2022 to discuss the situation in the global oil market.
Meanwhile, oil prices fell, on Friday evening, after sharp increases during the session, due to fears of possible disruption of international supplies after the imposition of sanctions on oil exporter Russia.
Brent crude futures for April fell 33 cents, or 0.3 percent, to $98.75 a barrel at 10:45 GMT, after jumping to $101.99.
May contracts fell 40 cents, or 0.4 percent, to $98.75 a barrel, according to Reuters.
West Texas Intermediate crude fell 30 cents, or 0.3 percent, to $92.51 a barrel, after hitting an intraday high of $95.64.