Oil prices hit US$120 a barrel on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply.
Oil prices hit $120 a barrel on Monday after Saudi Arabia raised crude prices for July and amid doubts that an increased OPEC+ monthly output target will help ease tight supply.
China added some downward pressure to oil prices this week when it clearly signaled its intent to buy more discounted Russian oil.
The armed conflict between Russia and Ukraine led to a reduction in offtake of Russian crude and a consequent increase in crude oil and gas prices.
Being the largest consumers of automobile fuels, motorists in the U.S. and Europe are feeling significant economic pain. However, the situation is far more serious for populations of developing countries who have a much smaller buffer against life-threatening deprivation.