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Oil price climbs to nearly $100 a barrel as Boris returns empty-handed from Saudi Arabia | United Kingdom | News UK News

While oil prices fell below $100 a barrel for the first time since early March, petrol prices continue to climb to 163.71 pence a liter earlier this week. Diesel hits even higher levels at 173.68p, the BBC reported.

The price per barrel of Brent crude oil currently stands at $99.84, an increase of 1.86%.

At one point, the price of oil hit its highest level in 14 years, but has since fallen slightly as the possibility of a ceasefire in Ukraine was debated.

The Prime Minister traveled to the Middle East this week to meet Saudi Crown Prince Mohammed bin Salman and Abu Dhabi Crown Prince Mohammed bin Zayed in hopes of striking a deal with major oil powers.

The UK is under pressure to wean itself off Russian oil and gas, after imports were banned from the end of this year as part of sanctions against Moscow.

Ministers have argued that the UK must achieve energy ‘independence’ after the conflict in Ukraine.

The Telegraph reported that Mr Johnson was “optimistic about increased production in the Gulf States and that it was in the interest of both leaders to avoid the economic damage to the West created by the inflation”.

Downing Street said the Prime Minister had underlined his “deep concerns about the chaos unleashed by Russia’s unprovoked invasion of Ukraine, and underlined the importance of working together to improve the stability of the global oil market. ‘energy”.

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Labor has hit back at Mr Johnson for ‘going from dictator to dictator’ as Saudi Arabia’s human rights record continues to raise concerns.

Last week, the country executed 81 people in a single day, more than in all of 2021.

The British government reinforced the message that it was “strongly opposed to the death penalty in all countries as a matter of principle”, but acknowledged that things in Saudi Arabia were “changing”.

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This notice was published: 2022-03-17 07:01:13

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