Recent geopolitical developments have prompted discussions regarding a potential shift in the global oil trade. The United States is considering increased pressure on Russia, potentially leading to a reduction in the supply of Russian crude oil. This action could have significant ramifications for global oil markets, particularly impacting China, which is a major importer of Russian petroleum. Analysts suggest a realignment of supply chains and increased competition amongst major oil producers. The potential economic effects are being closely monitored by international organizations.
Credits: Finance & economics