{"id":220157,"date":"2022-02-26T17:00:45","date_gmt":"2022-02-26T17:00:45","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=220157"},"modified":"2022-02-26T15:09:43","modified_gmt":"2022-02-26T15:09:43","slug":"russian-invasion","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/russian-invasion\/","title":{"rendered":"IEA discusses the Russian invasion, pledges to ensure energy supplies"},"content":{"rendered":"<p style=\"text-align: justify\"><strong>London, (Business News Report)|| <\/strong>The International Energy Agency (IEA) has discussed the issue of the Russian invasion of Ukraine, and its implications on the energy security of countries.<\/p>\n<p style=\"text-align: justify\">The IEA pledged, at a meeting in Paris, to ensure the global energy security.<\/p>\n<p style=\"text-align: justify\">&#8220;Today I convened a meeting to bring together representatives of the IEA\u2019s 31 member countries,&#8221; IEA executive director Fatih Birol said in a statement.<\/p>\n<p style=\"text-align: justify\">&#8220;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,&#8221; he said.<\/p>\n<p style=\"text-align: justify\">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.<\/p>\n<p style=\"text-align: justify\">Informed sources in <a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwj6jcec0p32AhVQgv0HHVDNDskQFnoECAMQAQ&amp;url=https%3A%2F%2Fwww.opec.org%2Fopec_web%2Fen%2F&amp;usg=AOvVaw2nkvgxZ3QqQVbczjVL9MlX\">OPEC<\/a>+ 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\u2019s invasion of Ukraine.<\/p>\n<p style=\"text-align: justify\">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.<\/p>\n<p style=\"text-align: justify\">Analysts expect that global markets will witness a &#8220;major earthquake&#8221; as a result of the current crisis, and the possibility of imposing sanctions on Moscow.<\/p>\n<p style=\"text-align: justify\">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.<\/p>\n<p style=\"text-align: justify\">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.<\/p>\n<p style=\"text-align: justify\">OPEC+ group will hold a meeting on March 2, 2022 to discuss the situation in the global oil market.<\/p>\n<p style=\"text-align: justify\">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.<\/p>\n<p style=\"text-align: justify\">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.<\/p>\n<p style=\"text-align: justify\">May contracts fell 40 cents, or 0.4 percent, to $98.75 a barrel, according to Reuters.<\/p>\n<p style=\"text-align: justify\">West Texas Intermediate crude fell 30 cents, or 0.3 percent, to $92.51 a barrel, after hitting an intraday high of $95.64.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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. &#8220;Today I convened a meeting to bring together representatives of the IEA\u2019s 31 [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":220158,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[604],"tags":[155,278,169],"class_list":["post-220157","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade","tag-energy","tag-featured","tag-oil"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IEA discusses the Russian invasion, pledges to ensure energy supplies<\/title>\n<meta name=\"description\" content=\"BNReport| IEA has discussed the issue of the Russian invasion of Ukraine, and its implications on the energy security of countries.\" \/>\n<meta name=\"robots\" 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