ROLE OF OPEC+ ON OIL PRICES IN THE RUSSIA-UKRAINE INVASION

Authors

  • Hamisu Ali Faculty of Social and Management Sciences, Adamawa State University, Nigeria.
  • Bulus Shadrach Department of General Studies, Federal Polytechnic Kaltungo, Gombe State-Nigeria
  • Nekenneri Jerome Jaimu Department of Cooperative Economics and Management, Adamawa State Polytechnic, Yola. Adamawa State-Nigeria

Keywords:

OPEC , Oil Price, Russia, Ukraine, Invasion

Abstract

The invasion of Russia and Ukraine on February 24, 2022, caused the members of OPEC and Russia (OPEC+) to see their crude oil prices rise to over $110 per barrel. The OPEC+ alliance is shattered when Saudi Arabia and Russia, two of the world's top producers, clash. According to the finding, Russia will become the most sactioned nation in the world in March 2022, and several western nations will no longer serve Russia bank branches. The result showed that oil production increased to 960,000 mb/d in February 2022, up from 99.50 mb/d in January 2022. The following suggestions were offered:OPEC+ ought to provide a window for price adjustments during wartime and a flexible opportunity for production capacity among its members.

References

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Published

16-11-2022

How to Cite

Ali, H., Shadrach, B., & Jaimu, N. J. (2022). ROLE OF OPEC+ ON OIL PRICES IN THE RUSSIA-UKRAINE INVASION. International Journal of Accounting Research, 7(2), 93–97. Retrieved from https://j.arabianjbmr.com/index.php/ijar/article/view/560

Issue

Vol. 7 No. 2 (2022): International Journal of Accounting Research (IJAR)

Section

Articles

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Copyright (c) 2022 Hamisu Ali, Bulus Shadrach, Nekenneri Jerome Jaimu

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This work is licensed under a Creative Commons Attribution 4.0 International License.