How Volatile Oil Prices Could Spark Conflict In South America

Fears of another coronavirus outbreak, lockdowns, and the emergence of the Omicron variant in South Africa has caused the price of crude oil to plunge. Since then, prices have been extremely choppy as conflicting news emerges regarding OPEC’s plans to grow petroleum production and how the progress of the global economic recovery weighs on energy markets. There is also the threat posed by the U.S., South Korea, China, and India contemplating their strategic oil reserves to combat higher crude oil prices which are responsible for an unanticipated…