OIES Podcast – Impact of Russia-Ukraine War on Energy Markets Series – 3 – Oil Market Focus

In this third of our series on the impact of the Russia-Ukraine war on energy markets James Henderson talks to Bassam Fattouh about the impact of a potential Russian oil embargo on oil supply, demand and prices. Dr Fattouh outlines the conclusions from the latest OIES Oil Monthly, which analyses a number of scenarios for Russian oil exports and also examines alternative sources of supply as well as the potential demand response from higher oil prices. He also discusses a range of oil price scenarios, as well as considering the impact on refiners of lower levels of Urals Blend exports and also the effect of lower oil product exports. Following this discussion of the oil market Mike Fulwood and Jack Sharples provide an update on the gas market, reviewing Russian export flows to Europe, LNG imports, gas storage levels and movements in prices.