18 Mar 2022

Oil prices: how far will they go & what's the impact?

From Nine To Noon, 9:05 am on 18 March 2022
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Photo: RNZ / Dan Cook

The price of oil has settled in recent days after a surge in the past couple of weeks to levels not seen since 2008.

Many experts predict the price of oil could reach $240 a barrel this winter if Western countries roll out more sanctions on Russian oil exports, in response to its war on Ukraine.

Here, the government has lowered the tax on fuel for three months, to mitigate the impact of rising petrol prices which saw a litre of  91 go over $3.

Lynn Freeman speaks with Mukesh Sahdev, Senior Vice President at energy research firm Rystad Energy, he's also former head of Global Crude Trading Analytics for Shell.