OIES Podcast – Oil Markets in Flux as Uncertainties Abound

In this latest OIES podcast, David Ledesma discusses the global oil market dynamics with Bassam Fattouh and Andreas Economou as another turbulent year characterised by extreme shocks, heightened uncertainty and very disconnected narratives draws to a close. They discuss the current state of the oil market and assess the expectations and the eventual realization of oil prices in 2022. Next, they dive deeper on the impact of Russia-Ukraine war on oil markets in terms of the size of Russian supply disruptions, the transformation in trade flows and the implications of the EU embargo and price cap for Russian oil and physical flows. In particular, the effectiveness of the price cap and potential response from Russia come into focus. They also consider the future of Russia within OPEC+ and review the Group’s latest output policy decisions and next steps. Finally, the discussion turns to the oil market and price outlook for 2023 and concludes by assessing how transformative have been this year’s shocks for the short and long-run evolution of oil markets.