Several upcoming events over a brief two-day period could have profound implications for the global oil market. They include the next OPEC+ meeting on Sunday, Dec. 4, the start of the European Union’s embargo on Russian crude oil on Monday, Dec. 5, and the start of the U.S.-led G-7 price cap on Russian oil sales, which is also scheduled to begin on Dec. 5.
In this webinar, experts discussed what these events could mean for the economy, energy security and the oil market — including prices of gasoline and diesel fuel. How will Russian oil production and exports be impacted, and how will Russia respond? Will Saudi Arabia and other OPEC+ countries compensate for any lost supply? And what is the broader global market context in which these events will take place?
Mark Finley, fellow in energy and global oil at the Baker Institute, moderated a conversation between Toril Bosoni, head of the oil industry and markets division at the International Energy Agency (IEA), and Christof Rühl, senior research scholar at the Center on Global Energy Policy at Columbia University’s School of International and Public Affairs. A Q&A session followed the discussion.
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Head, Oil Industry and Markets Division, International Energy Agency
Senior Research Scholar, Center on Global Energy Policy, Columbia University’s School of International and Public Affairs
Fellow in Energy and Global Oil, Baker Institute