- Oil prices retreated from seven-year highs as traders digested a possible de-escalation in the Ukrainian crisis
- Some Russian military units will begin returning to their permanent bases on Tuesday after completing drills, Interfax reported, citing the Defense Ministry (BBG)
- Crude has been particularly volatile surrounding the news around Russia and Ukraine
- In an interview with Bloomberg, Citi’s Ed Morse said oil prices could rise 10% if there is Russian military action in Kyiv, Ukraine
- OPEC’s Secretary-General Mohammad Barkindo said OPEC is focused on keeping the oil market well-supplied, even as the group continues to struggle with underinvestment
- Despite steadily increasing previously halted production, OPEC has struggled to meet its supply targets
- OPEC’s shortcomings, combined with geopolitical tensions in Eastern Europe, have helped push oil prices higher, Barkindo said
- “the world will continue to be thirsty for oil for the foreseeable future,” Barkindo said