Oil prices climbed as Russian oil and gas condensate production fell to 2020 lowsand OPEC warned it would be impossible to replace potential supply losses from Russia

OPEC told the European Union on Monday that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to replace those volumes, and signalled it would not pump more

Canada has capacity to increase oil and gas exports by up to 300,000 barrels per day in 2022 to help improve global energy security following Russia’s invasion of Ukraine, Natural Resources Minister Jonathan Wilkinson said in a statement

Argentina’s oil production rose to 571,000 barrels per day in February, up 14% year-on-year driven by shale oil output, marking the highest level since the end of 2011, the energy secretariat said

Official data revealed that Saudi crude oil exports rose in January to 6.996 million barrels per day, the highest level since April 2020

A group of oil and gas “mini-majors” are emerging among U.S. shale producers, built from aggressive dealmaking that industry players expect will accelerate on strong commodity prices and the retreat of Europeans from U.S. onshore production

OPEC said that oil demand in 2022 faced challenges from Russia’s invasion of Ukraine and rising inflation as crude prices soar, increasing the likelihood of reductions to its forecast for robust demand this year

Oil prices dropped to the lowest in two weeks, as diplomatic efforts between Ukraine and Russia looked like they might end their conflict, which would boost global supplies, while a pandemic-linked travel ban in China cast doubt on the demand outlook

The Biden administration is willing to move ahead with a ban on Russian oil imports into the United States without the participation of allies in Europe after Russia’s invasion of Ukraine

Argentina’s state-controlled oil company YPF sees it difficult for the sector to fully track rising international prices, Chief Executive Sergio Affronti said, citing global geopolitical tensions and a local economic crisis