Average cost of filling family car with petrol set to hit £100

The video discusses the impact of the Ukraine war on global oil supply, highlighting how Russian exports have been disrupted, leading to increased demand and higher prices. It also covers pre-existing issues in the oil market that began at the start of the pandemic when major producers, including OPEC and Russia, reduced production by 10% due to lower demand. As the global economy rebounded faster than expected, oil demand surged, but production could not keep up, exacerbating the situation.

What has been the effect of increased demand on oil prices?

How did the pandemic influence the oil market prior to the war?