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Who Determines the Fate of Oil

Monday, 14 March 2022

The Russia-Ukraine war pumps up the price of global oil to stratospheric levels. Countries, including Indonesia, are in turmoil because of it.

Oil tanks at the Transneft-Kozmino Port near the far eastern town of Nakhodka, Russia, November 2017. REUTERS/Yuri Maltsev/File Photo . tempo : 168558505355_

AFTER being slammed by the Covid-19 pandemic down to its negative levels, the world price of crude oil has now gone crazy. Long before the Russia-Ukraine war erupted, signs of global economic recoveries—mainly driven by China and the United States—had begun pushing up oil prices.

In the first quarter of 2020 after Covid-19 was declared a pandemic, the international price of oil fell hard. The lowest level of price recorded during the

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OPEC Indonesia The United States Oil Russia

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