This week saw a significant increase in oil prices of more than $3 per barrel following Saudi Arabia’s proposal for OPEC to cut supply to maintain prices and the potential for a reduction in U.S. crude inventories.According to statements Abdulaziz bin Salman made to Bloomberg, the Saudi energy minister stated OPEC had the tools to address problems, including reducing output. This week, the price of a barrel of benchmark Brent crude increased by 3.88% to $100.22.Oil prices have risen dramatically in 2022, almost reaching an all-time high of $147 in March as supply issues were made worse by Russia’s invasion of Ukraine.Prices have since been affected by worries about a worldwide recession, rising inflation, and lower demand.
