The geopolitical tension due to the situation around Ukraine is the main driving force behind the price increase of energy resources. This was stated by the UAE Minister of Energy Suhail Al Mazroui during the international Egypt Petroleum Show.
"I think what is happening to the market is the geopolitical tension. That's what's basically moving prices up," he said.
Al Mazrui also expressed hope that negotiations between Russia and European countries would prevent further escalation of the situation around Ukraine.
Brent crude futures for April 2022 increased by 1.73% to $96.07 per barrel at London's ICE exchange today. The last time Brent exceeded $96 a barrel was in October 2014.
High prices are also observed on the gas market. For example, last September the price of gas in the European market exceeded the historical mark of $1,000 per thousand cubic meters, and in October - $2,000. In December and January, gas prices at European hubs hovered around the $1,000 mark. Retail energy prices in some EU countries have increased three to five times since the start of the crisis.
About the forum
The Egypt Petroleum Show (EGYPS) 2022, being held in Cairo on February 14-16, brings together leading international energy corporations from Britain, Germany, Greece, Italy, China, the UAE and a number of other countries.
Russia is represented by more than ten companies and various organizations.
GSV "Russia - Islamic world"
Based on materials from TASS