Oil Prices Surge Amid Geopolitical Unrest and OPEC+ Outlook
By
Luka Petrović
1 min read
⚠️ Heads up: this article is from our "experimental era" — a beautiful mess of enthusiasm ✨, caffeine ☕, and user-submitted chaos 🤹. We kept it because it’s part of our journey 🛤️ (and hey, everyone has awkward teenage years 😅).
Oil futures surged as geopolitical unrest and OPEC+ outlooks indicate that current output cuts will be maintained. Western Texas Intermediate settled just below $82 a barrel following a 3% decline in the previous week. The ongoing drone strikes by Ukraine are adversely affecting Russia’s crude-refining capabilities, with Rosneft’s Kuibyshev oil refinery in Samara, Russia forced to shut half of its capacity after a recent attack. The refinery's closure underscores the impact of the escalating tensions. These developments continue to influence the global oil market, warranting close attention to geopolitical events and OPEC+ decisions.