All eyes on Opec amid soaring oil prices

Russia's invasion of Ukraine has led to a global surge in energy prices, with Europe looking towards Gulf states - particularly Opec members - to fill any potential shortfalls should Moscow decide to turn off the taps, or if supply is disrupted.

Russia is the world's second-largest oil producer and responsible for 40 percent of Europe's natural gas. It has not indicated whether it would take such drastic steps, but earlier this week, anger over Moscow's offensive saw Germany halt certification of an $11bn gas pipeline project that was set to relieve pressure on European consumers facing record-high prices.

On Friday, oil prices continued to climb, a day after US President Joe Biden said Washington was working with other countries to coordinate the release of supplies from strategic petroleum reserves.

Energy analysts told Middle East Eye that, according to current trends, the price of a barrel of oil could reach as much as $120, some $15 above where it currently stands, creating a heavy burden for many countries already reeling from the economic impact of the Covid-19 pandemic.

All eyes on Opec amid soaring oil prices