![]() For now, we see the potential for a shut-in of 3 mb/d of Russian oil supply starting from April, but losses could increase should restrictions or public condemnation escalate. Unprecedented sanctions imposed on Russia to date exclude energy trade for the most part, but major oil companies, trading houses, shipping firms and banks have backed away from doing business with the country. Russia is the world’s largest oil exporter, shipping 8 mb/d of crude and refined oil products to customers across the globe. The implications of a potential loss of Russian oil exports to global markets cannot be understated. ![]() While it is still too early to know how events will unfold, the crisis may result in lasting changes to energy markets. Russia’s invasion of Ukraine has brought energy security back to the forefront of political agendas as commodity prices surge to new heights. Prices have eased again on economic concerns, surging Covid cases in China and traders reducing positions due to extreme volatility.įaced with what could turn into the biggest supply crisis in decades, global energy markets are at a crossroads. Prices jumped from $90/bbl in early February following the invasion of Ukraine and as supply concerns mounted. As this Report went to print, ICE Brent oil futures slid to around $100/bbl after touching an intraday high of nearly $140/bbl on 8 March.Preliminary data for the US, Europe and Japan indicate that industry stocks decreased by a further 29.8 mb in February. Industry stocks covered 57.2 days of forward demand, down by 13.6 days from a year earlier. ![]() At 2 621 mb, inventories were 335.6 mb below the 2017-2021 average and at their lowest level since April 2014.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |