Oil Prices Surge to $100 Per Barrel on Supply Cuts and Strong Demand

• Oil prices have reached $100 per barrel, the highest level in over a year, due to production cuts by OPEC and Russia as well as resilient global demand.
• Saudi Arabia and its OPEC allies have implemented supply cuts of 2 million barrels per day to support prices.
• Russia's war in Ukraine and resulting sanctions have constrained its oil exports, tightening global supply.
• Demand for oil remains strong despite economic headwinds, with China seeing increased consumption as it emerges from Covid lockdowns.
• Analysts predict oil prices will remain elevated near $100 per barrel through 2024 due to constrained supply and steady demand.

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