Oil prices are rising closer to $100 a barrel but there are warning signs that it will climb even higher if Russia invades Ukraine at a time when producers are struggling to keep pace with excess demand.
Oil prices crossed the $90 a barrel mark on Friday, but some analysts believe that lingering pain from the pandemic and geopolitical tensions will push it higher later this year.
OPEC and a coalition of other major producers came to an agreement to boost production. Concerns remain about production capability and geopolitical tensions.
Analysts are predicting that oil prices will strike $100 a barrel in 2022 amidst mounting fears that production will fail to keep up with ravenous demand for energy and geopolitical tensions that add to supply fears.
OPEC said they would continue to pump more crude despite concern about what kind of threat the COVID-19 Omicron variant poses to the global economy.
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U.S. stocks jumped on Monday as OPEC agreed to extend historic output cuts
The 13-member cartel and its allies, notably Russia, decided to extend by a month deep May and June cuts agreed in April to boost prices.
OPEC, allies meet to discuss output cuts
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Major oil producers to meet Saturday about output cuts
However, Saudi Arabia and Russia have not agreed on a timeline for cuts
The oil cartel issued a bleak demand forecast for the remainder of the year.