OPEC told the International Monetary Fund’s steering committee that the surge in oil prices was largely due to the Ukraine crisis, in the latest signal that the producer group would not take further action to add supply

U.S. crude stockpiles fell sharply last week due to a surge in exports to a more than a two-year high, while production neared pre-pandemic levels, the Energy Information Administration said

Oil costs had been down practically 5% in unstable buying and selling on demand considerations after the Worldwide Financial Fund (IMF) reduce its financial progress forecasts and warned of upper inflation.

Oil prices climbed as Russian oil and gas condensate production fell to 2020 lowsand OPEC warned it would be impossible to replace potential supply losses from Russia

OPEC told the European Union on Monday that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to replace those volumes, and signalled it would not pump more

Canada has capacity to increase oil and gas exports by up to 300,000 barrels per day in 2022 to help improve global energy security following Russia’s invasion of Ukraine, Natural Resources Minister Jonathan Wilkinson said in a statement

Argentina’s oil production rose to 571,000 barrels per day in February, up 14% year-on-year driven by shale oil output, marking the highest level since the end of 2011, the energy secretariat said

Official data revealed that Saudi crude oil exports rose in January to 6.996 million barrels per day, the highest level since April 2020

A group of oil and gas “mini-majors” are emerging among U.S. shale producers, built from aggressive dealmaking that industry players expect will accelerate on strong commodity prices and the retreat of Europeans from U.S. onshore production

OPEC said that oil demand in 2022 faced challenges from Russia’s invasion of Ukraine and rising inflation as crude prices soar, increasing the likelihood of reductions to its forecast for robust demand this year