Price of oil

The World Bank predicts the strongest price crisis in 2022 since the 1970s due to jumps in the price of energy, metals and food. This is stated in the new Commodity Market Outlook.

Experts from the World Bank predict a 50% increase in energy prices in 2022, and other goods - by 20%.

The International Energy Agency has said that its member countries are releasing 60 million barrels of oil from their emergency reserves on top of previous U.S. pledges to take aim at energy prices that have soared since Russia invaded Ukraine.

The energy sector has retreated markedly from its highs in the first days of March but remains a hot topic for markets.

Oil prices have surpassed 0 per barrel, and stock prices around the world have collapsed after Russian President Vladimir Putin declared a "military operation" in Ukraine with a hint of a bigger war.

Exchanges have collapsed since earlier this week after the Kremlin recognized two breakaway regions in eastern Ukraine on Monday night and later sent "peacekeepers" to them.

Turkey's total oil imports increased by 42.4 percent on an annual basis to 4.03 million tons in December 2021, according to data released by the Energy Market Regulatory Authority (EPDK) yesterday.

Crude oil imports, the category with the highest oil import volume, rose by 45.9 percent in December to 2.98 million tons, the energy watchdog said in its monthly report.

Oil prices rose sharply in Asian trade today after Russian President Vladimir Putin signed a decree last night recognizing the independence of the Donetsk and Luhansk People's Republics that seceded from Ukraine, and later ordered Russian troops to enter their territories to "keep the peace," CNB reported.

French energy giant TotalEnergies said yesterday it has rebounded from the COVID-19 crisis with a huge 2021 profit as oil and gas prices soared.

The company reported net profit of $16 billion (14 billion euros) - the highest in at least 15 years - following a historic $7.2-billion loss in 2020, when oil prices crashed.

Fuel prices will rise by another 10 cents by the end of the year, traders predict. The upward trend in prices is due to more expensive oil on international markets.

Prime Minister Andrej Plenković announced on Thursday that diesel and petrol prices will be frozen for 30 days as part of an effort to control soaring prices.

"We have, taking into consideration the economic circumstances and the unpredictability of oil prices, and, with the aim of maintaining economic recovery, decided to stabilise petrol and diesel prices," he said.

I expect the price of sunflower oil to fall at some point, because the harvest is very good worldwide. This was announced on the air of Radio Stara Zagora by Vladimir Ivanov, Chairman of the State Commission on Commodity Exchanges and Markets.