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?
Download the presentation slides here.
9:00 a.m. — Presentation
9:30 a.m. — Discussion
9:45 a.m. — Q&A Session
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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
Oil Analyst, International Energy Agency
Fellow in Energy and Global Oil, Baker Institute