Ryan Lance, Chairman & Chief Executive Officer of ConocoPhillips, speaks during the CERAWeek conference, in Houston, Texas, U.S., March 8, 2022
HOUSTON: With crude prices surging past $125 a barrel, oil company executives called on Tuesday for more favorable global government energy policy to help the industry resolve the supply crisis that deepened after Russia's invasion of Ukraine.
On Tuesday morning, President Joe Biden announced a U.S. ban on Russian oil and other energy imports, while Britain said it will phase them out by year end. Oil prices settled the session 4% higher and have shot up 30% since the invasion. O/R Russia exports 7 to 8 million barrels of crude and products daily.
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