Russia produces 10 million barrels of oil a day, roughly 10% of global demand, and is Europe's largest supplier of natural gas, a critical fuel for power plants and for heat
A Ukrainian Army soldier keeps a lookout from a front line position in Krasnohorivka, Ukraine, on Monday, Feb. 14, 2022. The biggest immediate energy threat from a Russian invasion would be Russian natural gas exports through Ukrainian pipelines that flow to Europe. (Tyler Hicks/The New York Times)
A Russian invasion of Ukraine could drive up already high oil and natural gas prices, prolonging elevated inflation around the world and dealing a blow to any country dependent on Russia for energy.
Oil and gas prices have been marching upward for months as exporting countries such as Libya have struggled with production problems and demand has rapidly recovered after two years of the pandemic. But all of that pales in comparison to what could happen if a war in Eastern Europe and potential Western sanctions on Russia curtail that country’s production, analysts said.
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