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.
The consortium of the world’s largest oil-producing countries agreed to boost fossil fuel production faster than expected Thursday as energy prices rise worldwide due to Russia’s drawn-out war in Ukraine.
The Group of Seven urged OPEC to pump more oil, even as it made new pledges to try to fight climate change.
The current market situation was attributed to a disruption in supply following moves to ban Russian oil by the European Union
If the U.S. passes the NOPEC bill, a bill designed to pave the way for lawsuits against OPEC members for market manipulation, the oil market could face even more chaos.