Q1: What is Russia’s role in the global oil market?Ī1: Russia is one of the world’s three largest oil producers, along with the United States and Saudi Arabia, and plays a central role in OPEC+ (the Organization of the Petroleum Exporting Countries and allied producers). Already concerned about high energy prices, the White House seems unlikely to impose sanctions that would directly target Russian exports of crude or petroleum products. ![]() ![]() In a tight market, any significant disruptions could send prices well above $100 per barrel. The prospect of conflict between Ukraine and Russia has the oil market on edge. Oil Market Cannot Afford to Lose Russian Supplies
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