Sharjah24 – Reuters: Global oil prices fell on Wednesday by the most in nearly two years after OPEC member the United Arab Emirates said it supported pumping more oilinto a market roiled by supply disruptions due to sanctions on Russia after it invaded Ukraine.

Brent crude LCOc1 futures settled down $16.84, or 13.2%, at $111.14 a barrel, their biggest one-day decline since April 21, 2020. U.S. crude CLc1 futures ended down $15.44, or 12.5%, at $108.70, their biggest daily decline since November.

The United States has called on oil producers worldwide to increase production if they can.

Additional supply from OPEC could compensate for some supply shortfalls created by disruption to Russia's oil sales by economic sanctions imposed by the United States and other governments. Read full storyRead full story

Just a week ago, the group and its allies, known as OPEC+, blamed surging prices on geopolitics rather than any lack of supply and decided against increasing output any faster. OPEC+, which includes Russia, has been targeting an increase in output of 400,000 barrels per day every month, and had resisted demands from the United States and other consuming countries to pump more.

Russia is the world's top exporter of crude and fuel, shipping around 7 million bpd or 7% of global supplies.