It's been one of the worst periods in the oil market's history with Brent crude, the global benchmark, soaring above $119, hitting highest level since 2008 as buyers continued to avoid Russian crude, and OPEC+ turns a blind eye to the war that was started by one of its key members.
On Wednesday, OPEC+ concluded their short meeting by sticking to their plans of small output rise in April (400,000 barrel-a-day production increase), defying calls for more crude even as prices rally to multi-year highs on Russia supply disruption fears.
Although neither the US nor its allies have imposed any sanctions on Russia’s crude exports, trade has been slowed down as banks pull financing and shipping costs increase.
Oil Prices
Brent for May settlement gained 5.5% to $119.18 a barrel on the ICE Futures Europe exchange.
West Texas Intermediate for April delivery soared 4.9% to $116 a barrel on the New York Mercantile Exchange at 7:44 a.m. in London after rising as high as $116.24.
It's worth noting that the world’s oil giants including BP Plc, Shell Plc and Exxon Mobil Corp. have announced their plans to exit Russia.
