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The United States is engaged in the task of consolidating and releasing oil reserves

Oil production in Texas

Oil prices have risen above $ 100.

(Photo: dpa)

Washington In view of the sharp rise in crude oil prices following the Russian invasion of Ukraine, the US government is seeking to consolidate and release global oil reserves. This is currently being discussed with the Paris-based International Energy Agency (IEA), a government official told Reuters on Thursday. An insider who knew of the talks said the project was still “at an early stage”. Oil prices have previously risen above $ 100 a barrel.

Russia is one of the world’s largest oil and gas exporters. As prices rise, fuel and heating oil are becoming more expensive not only for consumers but also for companies. These will try to deliver at least a fraction of the cost to their customers. Natural gas, more expensive, is a key component of many fertilizers, making it more expensive to feed.

In Germany, employer-based German Economic Institution (IW) model simulation suggests that inflation could sometimes reach as high as 6.1 percent.

Further: Oil prices are rising sharply – Brent is hovering above $ 100 for the first time since 2014

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