Oil prices are skyrocketing, with the international benchmark Brent Crude up by about $11 per barrel between December and January and have surged by nearly the same amount since the beginning of February, on the back of supply concerns, inflation, and geopolitical tensions. The likelihood the price will surpass $100 per barrel seems to be almost given at this point.
The International Energy Agency (IEA) has called upon the OPEC+ cartel to pump more oil to bridge the gap between stated production quotas and actual output. The agency stated that if the cartel continues to miss its oil production targets, oil prices will see more volatility.
