Oil Markets and Crude Politics
In this seminar, we explore how oil is operating as a key political device involving not only Ukraine and Russia, but also implicating global energy systems and financial markets. Ukraine is heavily dependent on oil imports, which has been further exacerbated by the loss of jurisdiction over the Crimean Peninsula, its port infrastructure and extensive hydrocarbon deposits in the Black Sea. At a time when calls to transition away from fossil fuels are louder than ever, the war in Ukraine has given pause to consider just how dependent we are on oil. Along with calls to impose sanctions on Russian oil exports, the escalation of self-sanctioning along the oil supply chain from marketing to financing and shipping have sent global oil markets into turmoil.
We ask how will the sanctions on Russian oil exports affect Ukraine’s place in the new geopolitics of hydrocarbons? Will this energy crisis create new socioeconomic infrastructures and alliances? And how will the world replace Russia’s oil products?
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This event is part of the Ukraine: Energy in the Spotlight series.
Image courtesy of the UMA. Copyright: Ihor Kotlobulatov.