The US could enact sanctions impacting Russian oil and products
Russia, Saudi Arabia and the US – what next for oil markets?
The impact of a breakdown in Russo-US relations is much more nuanced in liquids than in gas
All oil market eyes remain fixed on the US-Russia standoff over Ukraine, particularly given that current oil balances are on a knife edge and Opec+ spare capacity, expected to reach 2mn bl/d by mid-year, is the key balancing tool. The implications of any escalation for gas markets are clear, but for oil much depends on the shape of any sanctions. On the gas side, benchmark TTF contract prices would surge. And European buyers would have to pay a hefty premium to attract flexible LNG volumes from the US—where portfolio traders have destination flexibility—Qatar—which has a limited amount of spot volumes—and more far-flung destinations as distant as Australia. In crude and products markets, sho
Also in this section
9 April 2026
The April 2026 issue of Petroleum Economist is out now!
9 April 2026
Offshore operators are working through an FID backlog as the rig market consolidates, helped by improving project economics and a renewed security drive
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
