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Significance
Neither Moscow nor the countries which have imposed sanctions on it wish to damage energy trade, but some disruption to Russian oil product flows is likely. The oil market is already tight and OPEC has been unable to deliver its planned output increases.
Impacts
European countries are expected to make great efforts to reduce their dependence on Russian oil and gas.
High energy prices will fuel inflation and add to the economic impact on consumers in Western and other economies.
Pressure to find a deal enabling the lifting of US sanctions on Iran has increased.
US crude production growth, which has been steady but unspectacular, may now increase more rapidly.
Keywords:
International,
INT,
OPEC,
Russia,
Ukraine,
Iran,
Saudi Arabia,
economy,
energy,
infrastructure,
oil,
prices,
international relations,
foreign trade,
invasion,
war,
Fossil fuels
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2022
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