Oil Soars to Highest Since 2008 as Russia Invasion Upends Market

bloomberg2022-03-03

(Bloomberg) -- Oil soared to the highest level since 2008 as buyers continued to shun Russian crude following its invasion of Ukraine, while OPEC+ is doing its best to ignore the war started by one of...

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May168
2022-03-03
May168
[smile] [smile]
ngng
2022-03-03
ngng
Daily

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Buyers are continuing to avoid Russian crude as they try and navigate financial sanctions on Russia, and traders are betting prices will keep rising. Despite the turmoil, OPEC+ is sitting on the sidelines.The group stuck with the 400,000 barrel-a-day production increase that was scheduled for April and wrapped up a Wednesday meeting in record time of just 13 minutes, delegates said. Mexican Energy Minister Rocio Nahle tried to raise the subject of Russia, but other members of the coalition led by Saudi Arabia swiftly moved on to other matters without any discussion, they said.The International Energy Agency has warned that global energy security was under threat and a planned emergency release of crude reserves by the U.S. and others has done little to quell market fears. 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