Oil prices soared to the highest level since 2008 as buyers discarded Russian crude following its invasion of Ukraine, while OPEC+ largely muted on the war.
The Russian invasion of Ukraine has sparked surge in prices of commodities. Buyers are continuing to avoid Russian crude as they try and navigate financial sanctions on Russia, and traders are betting prices will keep rising. Despite the turmoil, OPEC+ is sitting on the sidelines.
The OPEC+ stuck with 400,000 barrel-a-day production increase that was scheduled for April and wrapped up a Wednesday meeting in record time of just 13 minutes, delegates said.
Mexican Energy Minister Rocio Nahle tried to raise the subject of Russia, but other members of the coalition led by Saudi Arabia swiftly moved on to other matters without any discussion, they said.
