Monday Aug 15, 2022
Monday Aug 15, 2022

Russian war, China lockdowns roil oil markets


Nepalnews
2022 May 05, 15:38, London
The sun sets behind an idle pump jack near Karnes City, USA, April 8, 2020. Oil markets have been fluctuating over fears of lost supplies from Russia because of the war in Ukraine. But the alliance of OPEC members and allied oil-producing countries are likely to steer a steady course when they decide production levels at an online meeting Thursday. The OPEC+ alliance has been opening the taps only gradually to restore cuts made during the worst of the pandemic recession. (AP Photo)

OPEC and allied oil-producing countries, including Russia, are weighing conflicting forces Thursday as they decide how much crude should flow to volatile global markets. Europe’s proposal to phase out Russian oil and other Western sanctions are choking back supply, while COVID-19 shutdowns in China are cutting demand.

The result has been fluctuating and high oil prices, squeezing consumers in the U.S. and Europe with climbing inflation and the rising costs of driving and heating homes. That eats away people’s ability to spend elsewhere, including at shops still rebounding from the pandemic.

Analysts expect the 23-country alliance known as OPEC+ to stick with a set schedule of modest increases in production, amounting to 432,000 additional barrels of oil per day in June. The gradual increases are aimed at making up deep production cuts made during the depths of the pandemic recession in 2020.


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