The leaders of OPEC and its oil-producing allies are deciding how much oil to release to the world.
Martha Raddatz and retired Col. Steve Ganyard discuss how sanctions have impacted the Russian president’s inner circle and their potential effect on Putin's plans in Ukraine.NEW YORK -- The leaders of OPEC and its oil-producing allies are deciding Wednesday how much oil to release while Russia's invasion ofrattles markets, reshapes alliances, kills civilians and sends the price of crude skyrocketing.
Both U.S. and international benchmark crude oil pushed past $110 a barrel Wednesday as investors worried about the invasion by Russia, one of the world's largest energy suppliers. While the coalition of oil-producing nations can benefit from high prices, the decision-makers will be walking a fine line, because high energy prices can backfire and push oil-consuming economies — their customers — into recession.
Before Russia's invasion of Ukraine, the International Energy Agency asked OPEC+ to boost production beyond its planned increase, due to tight global oil supplies. The IEA took its own action to ease climbing prices Tuesday when the Paris-based organization, which counts the U.S.
Russia's actions in Ukraine have made its crude oil “one of the most toxic barrels on the market,” said Louise Dickson, senior oil market analyst at Rystad Energy.“Doing an invasion of the scale Russians are doing in Ukraine requires a lot of fuel, so their domestic use is going to go up,” Jaffe said. “So presumably, we’re going to see less exports of Russian oil, unless they increase production because their demand’s going up.
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