Elon Musk: Hate to say it, but we need to increase oil & gas output immediately

As oil prices soared amid Russia's invasion of Ukraine, Tesla chief Elon Musk in a tweet said that "we need to increase oil & gas output immediately."

"Extraordinary times demand extraordinary measures," Musk said.

Musk's latest tweet comes as US officials said they have been "tracking the energy market on an hour by hour basis" over supply concerns.

World oil prices have hit a new high even as President Joe Biden announced the US would release 30 million barrels from the strategic petroleum reserves to help stabilise the market.

Reports claim international buyers have shunned Russian oil due to Western sanctions and logistical challenges as the war in Ukraine entered its tenth day.

Brent North Sea crude oil hit $120 per barrel this week amid supply disruption fears even as OPEC and Russia refused to increase production. The war has also led to supply chain concerns even as markets look to recover from pandemic disruption.

Rating agency Moody's said Russia's war with Ukraine was the "the greatest risk" facing supply chains since the pandemic even as shipowners, MSC, Maersk and others announced they were halting their services to Russian ports which is likely to increase shipping costs.

Industrial metal prices surged after Russia's invasion of Ukraine as aluminium prices hit a new all-time high this week.