OIL PRICE: ABOVE $102
Vladimir Vinogradov
WOGNEWS.NET, Global Energy Market Climate Changes News. Новости мирового энергетического рынка, изменений климата.
Brent rose $4.16, or 4.3%, to $102.09. WTI was up $4.19, or 4.6%, at $95.78 a barrel.
Russia is facing severe disruption to its exports of all commodities from oil to grains after Western nations imposed stiff sanctions on Moscow and cut off some Russian banks from the SWIFT international payment system.
Russian crude oil grades were already hammered in physical markets.
Russia accounts for about 10% of global oil supply.
Amid the war in Ukraine, the Organization of the Petroleum Exporting Countries (OPEC), Russia and allies - together called OPEC+ - are due to meet on March 2. The group is expected to stick to plans to add 400,000 barrels per day (bpd) of supply in April.
Ahead of the meeting, OPEC+ revised down its forecast for the oil market surplus for 2022 by about 200,000 bpd to 1.1 million bpd, underscoring market tightness.
At the same time a separate report showed OPEC+ in January produced 972,000 bpd less than their agreed targets.