• ABOUT US
    • History
    • Our Team
    • Advertising
    • Subscription
  • CONTACT US
Georgia Today
No Result
View All Result
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
No Result
View All Result
Georgia Today
No Result
View All Result

Rapid Surge in Global Oil Prices Sparks Concerns

by Mariam Gorkhelashvili
September 4, 2023
in Business & Economy, Magazine
Reading Time: 1 min read
source: BM.ge

In recent days, the international energy exchange has witnessed a remarkable and swift upturn in oil prices, raising concerns across various sectors. The price of a barrel of oil has surged by an average of 6% in just one week, with the Brent crude oil benchmark currently commanding $88 per barrel, and the WTI variant hovering around the $86 mark.

This remarkable price escalation is not limited to Brent and WTI crude; it extends to Russian oil as well. The price of Urals crude has exceeded $73 per barrel, surpassing the price ceiling imposed by both the European Union and the G7 by a substantial $13 margin. Over the same week, the price of Russian oil increased by an average of 6.5%.

The driving force behind this rapid price surge primarily hinges on future expectations within the oil market. There is a prevailing belief that key oil-producing nations, including Russia, Saudi Arabia, and OPEC member states, are contemplating reducing their oil supply. Such a reduction in supply would inevitably create a supply-demand imbalance, leading to a scarcity of oil in the market and consequently elevating fuel prices worldwide.

By Mariam Gorkhelashvili

Tags: Oiloil prices
ShareShareTweet

Related Posts

Netflix series to spotlight Georgian wine and cuisine in new episode
Business & Economy

Netflix series to spotlight Georgian wine and cuisine in new episode

June 18, 2025
Georgia’s business climate worsens despite positive stats
Business & Economy

Georgia’s business climate worsens despite positive stats

June 18, 2025
Tbilisi hosts first gastronomic festival with international chefs
Business & Economy

Tbilisi hosts first gastronomic festival with international chefs

June 18, 2025

Recommended

Putin, Xi, and allied leaders mark Russia’s Victory Day at Moscow parade

Putin, Xi, and allied leaders mark Russia’s Victory Day at Moscow parade

1 month ago
Experience Seamless Connectivity with Silknet eSIM in Georgia

Experience Seamless Connectivity with Silknet eSIM in Georgia

12 months ago
Champion Karateka Luka Khvedeliani on the Benefits of Georgian Karate for Georgia’s Youth

Georgia to Celebrate First Europe Day with European Union Candidate Status

1 year ago
Georgian Foreign Minister Holds Farewell Meeting with French Ambassador to Georgia

Georgian Foreign Minister Holds Farewell Meeting with French Ambassador to Georgia

3 years ago
Natia Mezvrishvili on Dealing with 2 Political Giants

Natia Mezvrishvili on Dealing with 2 Political Giants

3 years ago
Giorgi Gakharia: We were Told We Were Capable of Nothing – It’s All a Lie and Ukraine is a Great Example of This

Giorgi Gakharia: We were Told We Were Capable of Nothing – It’s All a Lie and Ukraine is a Great Example of This

3 years ago
GT Interview with Giorgi Badridze

GT Interview with Giorgi Badridze

3 years ago
Russo-Ukrainian War and Georgia – Analysis from security expert Kakha Kemoklidze

Russo-Ukrainian War and Georgia – Analysis from security expert Kakha Kemoklidze

3 years ago

Navigation

  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • International
  • Where.ge
  • Newspaper
  • Magazine
  • GEO
  • OP-ED
  • About Us
    • History
    • Our Team
    • Advertising
    • Subscription
  • Contact

Highlights

US Embassy: Georgia must take clear steps to improve ties with Washington

Georgia reaffirms readiness to renew strategic partnership with the US

For Georgia Party leader Gakharia to be summoned again to Parliamentary Investigative Commission

Former interior minister Gomelauri questioned over controversial Chorchana checkpoint

Protests sweep US as Trump marks 79th birthday at army’s 250th anniversary parade

Israel and Iran edge closer to war as strikes and threats escalate

Trending

Experience Seamless Connectivity with Silknet eSIM in Georgia
Business & Economy

Experience Seamless Connectivity with Silknet eSIM in Georgia

by Georgia Today
June 26, 2024

Why Silknet's eSIM could be your top choice in Georgia  Since its introduction, eSIM technology has become...

Photo by the author

Virtuosity and Versatility: Marc-André Hamelin Opens Tbilisi Piano Festival 2024

May 30, 2024
  • Where.ge
  • Newspaper
  • GEO
  • Magazine
  • Old Website

2000-2024 © Georgia Today

No Result
View All Result
  • News
  • Politics
  • Business & Economy
  • Social & Society
  • Sports
  • Culture
  • International
  • Where.ge
  • Newspaper
  • Magazine
  • GEO
  • OP-ED
  • About Us
    • History
    • Our Team
    • Advertising
    • Subscription
  • Contact

2000-2024 © Georgia Today