Image: Reuters
Earlier this year, prices rose to not far off an all-time high of $147 per barrel after Russia invaded Ukraine and the West responded by imposing tough sanctions on Moscow, triggering fears of the worst energy supply crisis since the 1970s. Meanwhile, risks of supply disruptions remained high and a global spare capacity cushion was very thin, said Prince Abdulaziz, adding that a new deal between OPEC+ partners beyond 2022 would help.Brent crude pricespared losses on the news and were trading down 1.4% at $95.40 by 1720 GMT, having earlier slipped to as low as $92.36.
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