Instability in Ukraine: Impact on international oil and gas markets

The Dhaka Times Desk The international oil and gas market is having a major impact due to Ukraine unrest. As a result, it is believed that the world market may have an adverse effect on the economy.

The ongoing instability of Ukraine beyond its geographical limits is having an impact on the international oil and gas market. The price of crude oil exceeded 108 dollars per barrel on Monday, which is 86 cents 0.8 percent higher than the previous day. Along with this, the fear of disrupting the supply of gas from Russia to Europe has become more serious.

Energy experts say the Ukraine crisis could have a direct impact on oil supplies on the global market. This is likely to increase the price of oil in the world market.

In such a situation, the foreign ministers of the European Union (EU) countries have called a meeting to take the next step against Russia. In a letter to EU leaders last week, Russian President Vladimir Putin threatened to cut off gas supplies to Europe if any bill is passed.

It should be noted that most of the pipelines of Russia, the world's largest gas and oil exporter, enter Europe through Ukraine. That is why Europe is thinking about importing more crude oil from Libya. An oil field that has already been shut down in eastern Libya has resumed production, according to international news agencies.