Insight
Russia and Ukraine tension: Oil and refining implications
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Report summary
Oil prices have climbed higher on the growing tension between the West and Russia over its movement of about 100,000 troops and equipment near the border with Ukraine. Diplomacy is continuing, with oil markets focused on possible risks to supply. The risk to oil supply depends on 1) exports continuing and 2) sanctions affecting Russia’s oil exports and its response. In this Insight, we examine the implications of the Russia/Ukraine crisis for oil supply and refining. Topics addressed follow: • What crude oil pipelines and exports are at risk? • What are the stakes for European refiners? • How would supply interruptions impact gas to oil switching?
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