💨 Abstract

Oil prices surged by over $2 a barrel on Monday due to the shutdown of Norway's Johan Sverdrup oilfield and escalation in the Russia-Ukraine war. Equinor halted production at the Johan Sverdrup field due to an onshore power outage, while Kazakhstan's Tengiz oil field, operated by Chevron, has reduced output by 28%-30% due to repairs.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖