After Coal, the Oil market will be the next battleground between producers and environmentalists
Environmentalists have tasted blood in the first big victory against the powerful oil industry. Their influence may be limited but in an extremely tight oil market, every supply restriction can impact prices.
June 03, 2021 / 09:32 AM IST
International crude oil prices have jumped sharply after OPEC+ members said that demand is recovering but there are still persistent uncertainties linked to a pandemic that stops them from increasing output further. As a result, oil prices shot clear of the $70 a barrel mark and were trading at $71.34, its highest level since the start of the pandemic.
While all eyes were fixed on the OPEC+ meeting, certain events were unfolding in the Western world pertaining to the oil...