Oil Prices Spike, as U.S. Seeks, Massive Crude Purchases.
Al Jazeera reports that
the price of oil has jumped to
the highest it's been since late March. .
Prices were reportedly supported by OPEC approving
a limited production increase in response to the
European Union's proposed ban on imports from Russia. .
This week, the EU announced a plan to ban Russian
crude and refined fuels over the next year to increase
pressure on Russia to end its war with Ukraine. .
This week, the EU announced a plan to ban Russian
crude and refined fuels over the next year to increase
pressure on Russia to end its war with Ukraine. .
Al Jazeera reports that the EU has also
targeted insurers with the goal of impairing
Russia's ability to transport oil around the world. .
Al Jazeera reports that the EU has also
targeted insurers with the goal of impairing
Russia's ability to transport oil around the world. .
A United States Energy Department official
told CNN that the Biden administration plans
to seek bids for 60 million barrels of crude. .
A United States Energy Department official
told CNN that the Biden administration plans
to seek bids for 60 million barrels of crude. .
The massive purchase comes
as an attempt to replenish the nation's
shrinking emergency oil reserve. .
Al Jazeera reports that oil has
skyrocketed over 40% this year. .
Al Jazeera reports that oil has
skyrocketed over 40% this year. .
The surging price has been driven by Russia's
war disrupting flows, rapidly rising inflation
and major central banks tightening policies. .
The surging price has been driven by Russia's
war disrupting flows, rapidly rising inflation
and major central banks tightening policies. .
While OPEC has agreed to increase production
by 432,000 barrels a day, the group only
managed an increase of 10,000 barrels a day in April. .
According to Al Jazeera, the nominal
increase in April indicates the difficulty
the group is having with increasing output.