Global oil prices climb roughly 11% since OPEC+ met in early February, touching their highest levels since 2014, and the group of major oil producers will...
Global oil prices have climbed by roughly 11% since OPEC+ met in early February, touching their highest levels since 2014, and the group of major oil producers will soon face another decision on production levels.
OPEC+, comprised of members of the Organization of the Petroleum Exporting Countries and it allies including Russia, will hold its next meeting on March 2, as Russia’s attack on Ukraine threatens to disrupt already tight supplies of crude oil, and Iran and world powers look to negotiate a nuclear deal that would lead to more oil in the global market.
On Feb. 24, Russia launched a full-scale invasion on Ukraine, leading the U.S. to announce additional sanctions on Russia and set limits on exports to the country. The U.S. and European allies had previously announced sanctions aimed at limiting Russia’s access to the global financial system.But unless the U.S.
Oil prices this month already marked their highest settlements in more than seven years, with the front-month West Texas Intermediate crude settling at $95.46 a barrel on Feb. 14 and global benchmark Brent crude ending at $99.08 on Feb. 24, when both benchmarks topped $100 intraday.At the $100 mark, there will be substantial increases in production, especially by U.S. private producers, and conservation by consumers, says Jay Hatfield, chief investment officer at asset management firm ICAP.
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