The world's biggest gathering of energy industry leaders kicked off in Houston Monday, as Russia's invasion of Ukraine delivers an oil price shock to the global economy and embattled executives face growing criticism for the industry's role in climate change.
This year's CERAWeek was expected to attract more than 4,500 attendees, with a program drawn up long before Moscow's invasion of Ukraine focused on the energy transition, with numerous panels centered around hydrogen and carbon capture. Global benchmark Brent crude briefly surpassed $139 on Monday - not too far off its all-time high of $147.50, and analysts believe the high prices could last for months. It was last trading around $123.
Russian oil sales amount to about 4-5 million barrels per day of crude, more than any other nation besides Saudi Arabia. European countries account for roughly half of those purchases, according to the U.S. Energy Information Administration. OPEC+ sources said on Monday that the oil market's fundamentals remained sound, downplaying the prospect of any further extra supply from the producer group.
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