The price of energy has been too low for producers in recent years while the price of extraction has increased, this will cause the global economy to shrink.
IEA is set to release 60 million barrels of strategic stocks above and beyond the US 180-million-barrel stock draw which helped in pushing the prices below $100 per barrel.
Following Russia’s war against Ukraine, there has been a sharp rally in crude oil prices. Crude oil price (WTI) shot up from $92/barrel just before the start of the conflict to above $120/bl.
Oil tops over $100 per barrel, the highest seen in more than seven years following the 2014 recession, Russia – Saudi Oil war, and Covid-19 pandemic, among others
Crude oil prices are set to post their strongest weekly gains since the middle of 2020, with WTI up 19% and Brent 13% after hitting their highest in a decade this week