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Ukraine war

Oil soars over question of who can replace Russia

OPEC sticks to gradual output increase while U.S. shale hardly moves

Oil prices touched $130 a barrel on Monday for the first time since 2008.   © Reuters

TOKYO -- The Ukraine war has sent crude oil prices soaring to their highest in 14 years, reflecting how no producer can easily replace Russian output.

With major oil producers, including members of OPEC, still wary about ramping up production for fear of a sudden price reversal, investors and economists say oil prices will remain elevated unless countries curb consumption.

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