Russian President Vladimir Putin’s invasion of Ukraine is forcing governments worldwide to digest the geopolitical consequences of war pursued by an energy superpower.
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According to a person familiar with the situation, the UAE hadn’t consulted other OPEC+ members before its ambassador to Washington made his statement.
Brent oil surged past $100 a barrel for the first time since 2014 as Russia’s dramatic escalation of the Ukraine crisis sparked fears of a disruption to the region’s critical energy exports.
The production boost comes even as the new COVID-19 variant threatens demand, after Washington and Riyadh reached a detente on oil prices.
Despite the darkening outlook of the oil market, the panel forecast an oversupply of 1.9 million barrels a day in the first quarter, down from previous estimates.
Bowing to U.S. pressure and opening the taps would keep Saudi Arabia’s closest ally onside, at the expense of the hard-won crude price recovery that has swelled the kingdom’s coffers.
The world has a choice — stop developing new oil, gas and coal fields today or face a dangerous rise in global temperatures, the organization said.