Putin Responds to Iran-Israel Tensions with Bold Order to 20 Countries

The Iran and Israel war is at its peak. Where Iran is not refraining from showing its power and threatening. On the other hand, Israel is also adamant about completely destroying Iran. For which it has spent billions of dollars in the last few days. Meanwhile, the statement of Russian President Vladimir Putin, one of the most powerful countries in the world, has come out. He has given bold orders to 20 nations of the world. He also said that there is no need to take any action. Let us also tell you which 20 countries Putin has given instructions to and what he has said in his instructions. Let us tell you that Russia itself is embroiled in a war with Ukraine. In such a situation, the statement of the Russian president is being considered very important. 

Putin Advises to 20 Nations

Russian President Vladimir Putin told the St. Petersburg Economic Forum on Friday that the conflict between Iran and Israel has not led to a significant increase in oil prices, and there is no need for the OPEC+ group of oil producers to intervene in the oil markets. Yes, there are a total of 22 countries in these OPEC Plus countries. Which also includes Iran. Iran is currently embroiled in a war. In such a situation, Russia's instructions to its remaining 20 OPEC countries are much fewer. These 20 countries include Algeria, Congo, Equatorial Guinea, Gabon, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, the UAE, Venezuela, Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, South Sudan and Sudan. 

Crude Oil Prices Surge Amid Rising Tensions

Investors are nervous due to the escalation of the week-long air war between Israel and Iran and uncertainty about possible US involvement, leading to a surge in oil prices, with Futures for Brent crude are at their highest level since late January. According to Putin, the price of oil was $65 a barrel before to the conflict escalating, but the price of oil is now around USD 75 a barrel. He said that the current situation in the Middle East and the conflict between Iran and Israel have led to an increase in crude oil prices. According to our experts, this growth is not significant. Among the Organisation of Petroleum Exporting Countries' members, Iran ranks third in terms of production. The disruption of its oil supply due to hostilities could result in higher pricing.

Gradual Increase in Production

Putin also said that OPEC Plus – which produces about half of the world's oil – is increasing oil production but is doing so gradually to ensure balance and "comfortable" prices in the oil market. He said, “We will all see together how the situation unfolds. There is no need to react immediately. A few days ago, Iraq's deputy PM said in a statement that if the war between Iran and Israel continues for a long time, the price of crude oil can reach 200 to 300 dollars. If this happens, a massive explosion of inflation can be seen all over the world. Global inflation can be seen between 16 and 20 per cent. Which will be very difficult for any powerful country in the world to handle.