Crude surges 5%, OPEC ready to up output, if needed

WITH OIL PRICES surging around 5% to a two-week high on Thursday after the US imposed sanctions on major Russian suppliers Rosneft and Lukoil over Russia’s war in Ukraine, the OPEC said it is ready to raise production by rolling back output cuts further, if required, to address market shortfalls.

- REUTERS

Sanctions against Russia could reduce the supply of oil available to global markets as Russia was the world's second-biggest crude producer in 2024 after the US, according to US energy data.