PRESS ROOM
Oil prices skyrocket as markets price in Russian supply outage
Friday 04th March '22
Oil prices are continuing to soar in response to the ongoing war in Ukraine as markets are beginning to price in the impact of Russian oil supply going offline. The International Energy Agency (IEA) has warned that the situation in the energy markets is very serious, and that global energy security is under threat. According to Interfax, Russia exported 4.6 million barrels per day in January and February. To replace such a volume, the Organization of the Petroleum Exporting Countries (OPEC) will need to tap into the entirety of its spare capacity.