Surging Oil Prices Testing the Resolve of Drilling Companies

The oil price has reached close to 90 dollars per barrel, which is its highest point since October 2014. The supply is much lower than the demand and there is an increasing risk that the Russia-Ukraine conflict could result in cutting off supply from Russia.

Oil companies had a sharp rebound in 2021. On 28th January, Chevron announced its annual earnings to be at 15.6 billion dollars, the highest for the company since 2014. On 1st Fe....