The oil and gas industry made a strong comeback last year. According to the IEA, worldwide oil consumption has outstripped supply by 2.1 million BPD and could surpass 2019 levels this year.
Oil and gas prices have been rising since Russia’s invasion of Ukraine and have even touched multi-year highs of late. The oil benchmarks—Brent and WTI—hit record highs due to the bans on importing oil from Russia, which is the world’s third-largest oil producer and second-largest oil exporter. Also, it is the largest natural gas provider in Europe. And Russia’s seeming disinterest currently in de-escalating the war may invite more sanctions, leading to severe supply disruptions and potentially more increases in oil and gas prices.
