In this episode of the Perspective Prog. based on ‘Russia Ukraine Conflict: Crude Shock’. Amidst ongoing Russia-Ukraine conflict and tightened sanctions on Moscow by western countries, led by the United States, Brent crude futures surged to $118.22 per barrel in London, the highest level since February 2013. Brent crude makes up more than half of the world’s globally traded supply of crude oil. Meanwhile OPEC and non-OPEC partners, an influential energy alliance known as OPEC+, agreed on Wednesday to stick to their plans of small output rise in April. Russia is the world’s largest exporter of oil to global markets and the second largest crude oil exporter behind Saudi Arabia. The share of Russian gas supplies to EU region has increased from 25% of the total gas demand in 2009 to 32% in 2021. So what will be the fallout of the Russia Ukraine conflict on the global oil and energy markets and what can be done to tackle the challenges arising out of this situation.
Guests:
1. R. S. Sharma, Former CMD, ONGC
2. Saurabh Chandra, Former Secretary, Ministry of Petroleum & Natural Gas, GoI
3. Subhomoy Bhattacharjee, Consulting Editor, Business Standard
Anchor: Vishal Dahiya
Producer: Amit Srivastava, Sagheer Ahmad
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