OPEC has told the IMF that the oil price rally is mainly due to geopolitics

Reuters citing an OPEC statement they have seen:

  • OPEC told the International Monetary Fund’s steering committee on Thursday that the surge in oil prices was largely due to the Ukraine crisis

The Reuters report adds the key implication:

  • in the latest signal that the producer group would not take further action to add supply

The Saudis are in bed with Russia, both are ecstatic with surging oil prices.

oil 22 April 2022
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