When Russian tanks and troops rolled into Ukraine one year ago, it was no shock that crude prices spiked above US$100 per barrel for the first time since 2014.
When Russian tanks and troops rolled into Ukraine one year ago, it was no shock that crude prices spiked above US$100 per barrel for the first time since 2014.
"The consensus in March and April was that Russian production would slow by three million barrels per day, and that is the major thing that was flipped on its head," said Rory Johnston, Toronto-based energy analyst and founder of the Commodity Context Newspaper. It's unclear, one year into the ongoing conflict, whether Russia will be able to maintain its current production levels, especially as Chinese demand rebounds after the loosening of Covid-19 restrictions. But for now, the global oil market is relatively balanced, and the record oil prices seen in the first half of 2022 did not persisted.
"So I don’t want us to be feeling too good about helping the world on this, because I don’t think we did.” Dulles Wang — a Calgary-based analyst for Wood Mackenzie — said while the war has brought issues of energy security and reliability to the forefront, it's the United States, not Canada, that has capitalized on it. Because the U.S. already had several LNG export terminals in operation, last year it was able to export more LNG than any other country in the world.
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