Following the historic decline in oil demand and prices caused by the COVID-19 pandemic and as the oil market began to recover, Russia invaded Ukraine. Consequently, the oil market has gone into upheaval with higher prices and risks of shortages. What is driving the volatility and what is the role of major oil exporters and importers in calming
markets? Where are the oil and gas markets heading in the short and medium-term?
We shed light on drivers of the volatility and answer questions about what follows from here.