Russian Oil Disruptions Could Be Among The Largest In History

The global oil market is facing its biggest disruption in more than three decades as Russia’s invasion of Ukraine courses through the sector.

Before its forces invaded Ukraine, Russia provided one out of every 10 barrels of oil the world consumed. But as the United States and other customers shun Russian crude, the global oil market faces its greatest upheaval since the Middle East tumult of the 1970s.

An energy price shock will probably last as long as the confrontation goes on, since there are few alternatives to quickly replace Russia’s exports of roughly five million barrels a day.