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Oil Market Update: Taking Stock After Russia’s Invasion of Ukraine

Oil Market Update: Taking Stock After Russia’s Invasion of Ukraine

Russia’s invasion of Ukraine and the subsequent imposition of economic sanctions by the EU, U.S. and others have pushed oil prices to multiyear highs amid growing fears of supply disruption. 

Even as policymakers in the U.S. and around the world consider plans for a transition to a lower-carbon future, recent events remind us of the central role that oil still plays in our economy and national security. Oil remains our largest source of energy — by far.  

At this event, Kristine Petrosyan, an oil analyst at the International Energy Agency, and Shikha Chaturvedi, head of global natural gas strategy at J.P. Morgan, discussed the current state of the oil market. Petrosyan presented the IEA’s latest monthly Oil Market Report, followed by comments from Chaturvedi and Jim Krane, the Wallace S. Wilson Fellow for Energy Studies at the Baker Institute. After the presentation, Mark Finley, fellow in energy and global oil, moderated an audience Q&A.

We explored questions including: How might sanctions — and/or a Russian response — threaten oil supplies? How will Saudi Arabia and U.S. shale producers respond? Is the recovering economy (and oil demand) threatened by rising oil prices? What role can government policy play in addressing these challenges? And, what does all this mean for world oil prices — and prices at the pump?

This event was sponsored by the Center for Energy Studies. Follow @CES_Baker_Inst on Twitter or LinkedIn, and join the conversation online with #BakerEnergy


Download the presentation slides here



9:00 a.m. — Presentation
9:30 a.m. — Discussion
9:45 a.m. — Q&A Session


Registration has closed.

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Featured Speakers

Shikha Chaturvedi
Head of Global Natural Gas and Natural Gas Liquids Strategy, J.P. Morgan

Jim Krane, Ph.D.
Wallace S. Wilson Fellow for Energy Studies, Baker Institute

Kristine Petrosyan
Oil Analyst, International Energy Agency


Mark Finley
Fellow in Energy and Global Oil, Baker Institute





Wed, March 23, 2022
9 a.m. - 10 a.m.
(GMT-0500) US/Central


James A. Baker III Hall, Rice University
6100 Main St.
Houston, Texas 77005