OIES Podcast – Impact of Russia-Ukraine War on Energy Markets Series – 12

In this latest edition of the OIES podcast series James Henderson discusses the impact of the Russia-Ukraine war on oil markets with Bassam Fattouh, the Director of OIES. The podcast opens with a general discussion about the current state of the oil market, addressing both demand and supply issues and assessing the impact of high prices as well as the slowing of the global economy. Dr Fattouh then moves on to discuss more Russia-specific issues, looking at the impact of sanctions on Russian oil production and exports, the outlook for Russian supply over the rest of 2022 and the issues surrounding reduced Russian oil product, as well as crude oil, exports. He also talks about the changes in global oil flows that have occurred and how this has affected European refiners, while also addressing the question of whether a price cap on Russian oil would be a practical and worthwhile new policy to reduce Russian oil revenues. Finally, Dr Fattouh gives his thoughts on the outlook for the oil market and more specifically oil prices over the next 12 months.