The invasion of Ukraine by Russia has led to big gains in crude oil prices, with one American oil and gas tycoon being demoted to the ranks of the world's 500 richest people, according to a report.
Since Russia launched its war against Ukraine, the collective net worth of American oil and gas industrialists has risen 10% to $239 billion. Russia invaded the former Soviet republic on February 24.
Concerns about disruptions to Russian output in the face of sanctions imposed by the US and its Western allies led to a surge in energy prices. Since the outbreak of war, the international benchmark, Brent crude, gained as much as 32%.
The co- founder of Continental Resources rose 28 places on the wealth index. The 76-year old now controls an $18.6 billion fortune, according to the report.
Michael S. Smith, the founder of the company, entered the list of the world's 500 wealthiest people for the first time, helped by rising demand for natural gas. Smith, who owns about a third of the company, moved up to 409th place on the wealth list with a $6.2 billion fortune.
Revenue for oil and gas companies had been growing. The demand for oil has been met by a short supply, despite the fact that COVID-19 restrictions have revived demand.
The 10-point plan to cut global oil demand was released by the International Energy Agency on Friday. The IEA said the world is facing its biggest oil supply shortage in decades. There is no capacity in the world to replace the 7 million barrels of oil Russia produces a day.
West Texas Intermediate crude resumed trading above $100 a barrel this week. At its peak earlier this month,Brent was above $139
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