Market Fears Over The Impact Of Russian Oil Sanctions Have Eased

Things are different now in the global energy markets to the way they were just after Russia invaded Ukraine on 24 February 2022. Back then, things from the oil markets’ perspective looked bleak, with Europe importing around 2.7 million bpd of crude oil from Russia and another 1.5 million bpd of oil products, mostly diesel. Europe’s reliance in considerable part on Russian oil imports meant that the European Union (EU) bloc of 27 countries was extremely reluctant to support any meaningful sanctions on Russia. This meant at that point…