The oil market faces uncertainty around the extent of lost supply from Russia
The oil market’s three key questions
The extent of lost Russian supply, what can step in and what happens to demand
Russia’s invasion of Ukraine, a Western response that has surprised President Putin in its vehemence, and a combination of bans on importing Russian barrels and buyers stepping away from Urals due to political and/or societal pressure has roiled the oil market. Since Russia’s late-February aggression, the benchmark Ice Brent contract has jumped from c.$95/bl to highs of almost $130/bl, gyrated back to sub-$100/bl, gone back up to $120/bl+ and is now trading around $110/bl. The obvious driver of this volatility is uncertainty, with a myriad of moving parts that are nigh-on impossible to predict either in quantity or duration. Late-March peace talks between Russia and Ukraine proved more posit
Also in this section
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
