Oil Markets Weighing OPEC’s Ability to Compensate Russian Supply, Washington Might Remove Restrictions on Venezuelan Oil

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud and Russia's Energy Minister Alexander Novak are seen at the beginning of an OPEC and Non-OPEC meeting in Vienna, Austria on Dec. 6, 2019. Leonhard Foeger/Reuters

The price of oil has dropped significantly in the two days since hitting its highest price level in over a decade on March 7, and is currently trading in an unpredictable manner as markets weigh in on the ability of the Organization of Petroleum Exporting Countries (OPEC) to fill the supply gap created by the loss of Russian energy.

Brent crude prices hit $139.13 per barrel on March 7, the highest since July 2008, only to fall on March 9 by more than $15 per barrel. Brent oil May futures were trading at $111 per barrel as of 15:17 UTC on March 10.