EXPLAINER: Why are oil prices high, and any relief in sight?
Anyone who’s bought food, paid rent or looked for a used car recently has come up against the billowing inflation that has engulfed the U.S. economy. And, with surging oil prices keeping gasoline high, so has anyone who’s filled up a car. Energy costs have been one of the main drivers of what’s become the highest inflation in a generation. Click Here to read more from AP.
Oil prices are up but the taps aren’t flowing like they should be
The price of oil is at a seven-year high, above $88 dollars per barrel. Demand is rising and may surpass pre-pandemic levels by the end of 2022, the International Energy Agency forecast last week, as the global economy seems not to have been stalled by omicron. And yet, many top oil-producing countries are falling short of their quotas. What gives? Click Here to read more from Quartz.
Oil Price Rise Blamed in Part on OPEC, Russian Output Shortfalls
OPEC and its Russia-led partners have promised to increase oil production to pre-pandemic levels this year but are falling short of those public commitments, stoking fast-rising global crude markets. Last month, the Organization of the Petroleum Exporting Countries and its Russia-led allies increased their collective production by 250,000 barrels a day, or 60% of what the two groups promised for the month, according to the International Energy Agency. Click Here to read more from WSJ.
Russia issues new warnings as U.S. steps up support for allies in Ukraine standoff
Russia warned it would take “retaliatory measures” if its demands are not met and dismissed new Western threats of sanctions on Wednesday as the Kremlin showed no signs of backing down in the standoff over Ukraine. While Moscow deployed more forces to its neighbor’s frontier and held new military drills, the United States stepped up efforts to support European allies and counter the Russian threats. Click Here to read more from NBC.