Russian crude finds its way to Asia

In this interview with Nour Amache from Asharq Business Bloomberg, Dr Carole Nakhle, CEO of Crystol Energy, outlines the latest dynamics of the oil markets. 

Dr Carole Nakhle (left) discussing the latest dynamics of the oil markets with Nour Amache (right) from Asharq Business Bloomberg

Key points covered during the discussion:

  • Russian oil barrels have been redirected to Asia. In May, Russia became China’s largest oil supplier overtaking Saudi Arabia.
  • Since Russian oil supplies have been redirected, oil prices have relatively moderated compared to earlier in March when they spiked.
  • Even before the war in Ukraine, Russia’s energy strategy identifies Asia as a strategic growing market for its energy exports. The war in Ukraine has acted as a catalyst to accelerate that trend.
  • Probably the biggest risk for oil markets today is a global recession.

Related Analysis

Energy Sanctions and the Global Economy: Mandated vs Unilateral Sanctions“, Christof Rühl, May 2022

Sanctions and the Economic Consequences of Higher Oil Prices“, Christof Rühl, Apr 2022

Energy Markets and the Design of Sanctions on Russia“, Christof Rühl, Mar 2022

Related Comments

Global Economy and Energy Markets Weekly Commentary – 23rd Jun ’22“, Dr Carole Nakhle, Jun 2022

Is Moscow turning to Asia?“, Dr Carole Nakhle, Apr 2022

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