Malaysia calls current high oil prices as "absolute bedlam"

The chief executive of Malaysia's state energy firm, Petronas, called the huge increase in crude prices "absolute bedlam" while addressing the same group, adding, "there are no fundamentals driving it." (Pic shows: Tengku Muhammad Taufik, president and chief executive officer of Petroliam Nasional (Petronas), speaks during the 2022 CERAWeek by S&P Global conference in Houston, Texas, U.S., on Monday, March 7, 2022. CERAWeek returned in-person to Houston celebrating its 40th anniversary with the theme, 'Pace of Change: Energy, Climate, and Innovation.'.)

HOUSTON: Energy consuming nations should release more crude oil from their strategic reserves to bring down the skyrocketing price of petroleum products, the chief executive of Hess Corp HES.N said on Monday.

Oil prices jumped as high as $137 a barrel early in the day, up from about $79 per barrel at the end of 2021 as sanctions on Russia vessels and buyers rejecting Russian oil worsened supply shortages.