Oil soars over question of who can replace Russia

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

20220307 oil field

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

RURIKA IMAHASHI, Nikkei staff writer

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.

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