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Brent trades within striking distance of $75/bbl

Crude futures extended yesterday’s gains, with Brent currently up 1.50% at $74.99/bbl, while WTI is 1.62% higher at $72.03/bbl.

Saudi Arabia's Energy Minister Abdelaziz bin Salman Al Saud warned in an interview that the world's overly zealous green agenda could lead to a 30% slump in global oil production from current levels by 2030 due to underinvestment in drilling and exploration. He claimed that the lack of supply could turn into a global energy crisis, no less serious than at the present time.

The Brent price today easily broke out of the $74.5/bbl mark and by the time of writing was trading just a tad below the psychologically import $75/bbl level. If case of a breakout, Brent could surge to $76/bbl.

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