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How do MENA oil prices compare with the world?

Prices of crude oil have skyrocketed across the world, thanks to the Russian invasion of Ukraine and the subsequent sanctions placed on Moscow.
  • Russia is a major supplier of oil to European countries and the United States, besides other countries
  • However, they are not accepting crude from Russia anymore, pushing up prices of oil from elsewhere

Prices of crude oil have skyrocketed across the world, thanks to the Russian invasion of Ukraine and the subsequent sanctions placed on Moscow.

After all, Russia is a major supplier of oil to Europe and the United States, besides other countries.

However, they are not accepting crude from Russia anymore, and have urged the world to follow suit.

As a result, products like petrol and diesel have also become more expensive — albeit to different degrees — in countries across the globe.

Subsequently, rich nations earlier this month said they would release 120 million barrels of oils from their reserves to rein in those runaway prices.

Till that last part happens, here’s a quick look at how much petrol costs in countries within the Middle East and North Africa (MENA) region, and how that compares to oil prices across the world: