February 24, 2022–As Russia intensified its war against Ukraine and G7 countries accelerated sanctions against Russia, the International Energy Agency announced it is closely monitoring the world’s supply of oil and gas.
Russia is the world’s second-largest oil producer. Only the United States produces more oil at this time. According to the IEA, “Russian oil exports transiting Ukraine via the southern branch of the Druzhba pipeline to supply Hungary, Slovakia and the Czech Republic” are most likely to be impacted by the conflict.
“While the specific impact on world oil markets is yet to be determined, IEA Member Countries stand ready to act collectively to ensure that global oil markets are adequately supplied,” the agency said on Tuesday.
The United States: 12.1 million barrels a day; Russia: 10.8 million barrels a day; Saudi Arabia 9.5 million barrels a day; Iraq 4.6 million barrels a day; Canada: 4.1 million barrels a day; China: 3.8 million barrels a day; UAW: 3 million barrels a day; Kuwait: 2.6 million barrels a day; Brazil: 2.6 million barrels a day; and Iran 2.2 million barrels a day.
The price of crude oil rose to $92 per barrel in February (The price is as of Feb. 24.). That increase is up from $60-$70 a barrel in December.
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