The reason for the increase in oil prices is geopolitical tensions

Speaking to the press at the Egyptian Oil Fair (EGYPS 2022) held in Cairo, the capital of Egypt, Mezrui spoke about the rising oil prices.

Noting that the Organization of Petroleum Exporting Countries (OPEC) and the OPEC+ group, which consists of some non-OPEC producer countries, will adhere to the production increase plan of 400 thousand barrels per day, Mezrui stated that the group has done a lot so far to maintain the stability of the global market.

Mezrui stated that no country in the OPEC+ group can replace Russia in oil production.

Pointing to the tension in the Russia-Ukraine line, Mezrui said that the increase in oil prices was due to the geopolitical tensions.

The UAE Minister also touched upon the attacks carried out by the Iranian-backed Houthis against the UAE, and stated that the infrastructure of the UAE is protected against attacks.

The tension between Russia and Ukraine also affects oil prices. Following the statements made by the US officials regarding the crisis between the two countries, oil prices increased rapidly, reaching the highest level since 2014.

The barrel of Brent oil, which reached the level of $90 at the beginning of this month, was traded at $95.39 today. West Texas Intermediate (WTI) crude oil was sold at $94.31 a barrel.

The OPEC+ group, which consists of the Organization of Petroleum Exporting Countries (OPEC) and some non-OPEC producer countries, decided to continue the gradual production increase plan of 400 thousand barrels per day on February 2 and in March as well.