RESEARCH & ANALYSIS
The Russia-Ukraine War’s IMPACT ON THE OIL & GAS MARKET BY JOLLY MONSEF, MARIAM AHMED & YOUSTINA MOUNIR
In February 2022, Russia invaded Ukraine causing the largest food and fuel crisis since World War II. The war significantly affected most economic sectors nationally and worldwide, the most roiled one is the oil and gas sector as Russia is the world’s largest oil exporter to global markets.
GLOBAL IMPACT 1. CRUDE OIL & NATURAL GAS AVERAGE PRICES CRUDE OIL ($/bbl)
NATURAL GAS ($/mmbtu) 108.29
71.52
83.04
74.45
85.57
91.60
112.28 101.51
106.08
94.12
6.71 3.87
Dec
Jan
Feb
2021
Mar
Apr
2022
Dec
4.26
4.46
Jan
Feb
2021
4.98
Mar
Apr
2022
2. CRUDE OIL & NATURAL GAS INVENTORIES WITHDRAWAL CRUDE OIL* (mmbbl)
NATURAL GAS (bcf)
4
Jan
Jan
Feb
-32
Feb
Mar
-32
Mar
11
Apr
*US & OECD Commercial Inventory
10 | EGYPT OIL & GAS NEWSPAPER
2022
-994 -653 -156 190
Apr
2022