Crude oil prices continue to surge today: Brent crude just jumped $8 past $113 a barrel, the highest since June 2014. US light crude rose to $111.5 a barrel, the highest since August 2013.
The oil cartel Opec will hold a meeting today to discuss production plans. So far, the cartel confirmed that it remained committed to the Opec+ deal with Russia, and is not expected to change production plans despite the war in Ukraine.
The American oil giant Exxon Mobilannounced yesterday that it would exit its Russian operations, including oil production fields, following similar moves by British companies BP and Shell, and Norway’s Equinor.