Oil prices have been rising and are expected to see sharp spikes and sudden dips as the world deals with potential supply shortages. The Russian invasion of Ukraine and the subsequent sanctions on Russia, against a backdrop of low oil inventories, pushed oil prices higher. According to the U.S. Energy Information (EIA), Brent’s price will average $116/b in the second quarter of 2022 and $102/b in the second half. Oil prices are expected to remain elevated as the world deals with supply shortages.
The Greece-based Imperial Petroleum Inc. (IMPP) has been gaining investors’ attention lately amid the rising oil and gas prices, seemingly caught up in a meme stock frenzy. However, the momentum did not sustain, and the stock is down 19.6% year-to-date. In addition, for the company’s last reported quarter ended September 30, 2021, IMPP’s revenue stood at $4.13 million, marking a decrease of 28.4% year-over-year. The company also reported a net loss of $0.93 million, while its loss from operations stood at 0.92 million.
