Financial TimesFinancial Times

Seven days that could unravel the global oil market

By David Sheppard and Derek Brower

28 Nov 2022 · 9 min read

Editor's Note

The global economy continues to depend heavily on oil. But in the wake of Russia’s invasion of Ukraine, the “old order” of the global oil market is potentially collapsing. FT has the story.

As an epic oil crash threatened more havoc on a pandemic-stricken global economy in April 2020, the US, Saudi Arabia, Russia and other G20 countries met to thrash out a solution. The co-operation helped end an Opec+ price war and restored stability to the market. Prices recovered.

Two-and-a-half years later, and nine months into Russia’s war in Ukraine, such collaboration on energy between global powers seems a distant memory.

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