How will the Ukraine-Russia conflict affect crude oil prices? | In Focus

Talmiz Ahmed speaks to us on the steps that India can take to insulate itself from price shocks and what are the chances that OPEC nations will ramp up supply and stabilise global crude prices.

The Russia-Ukraine conflict has begun to have a major impact on the world energy markets. Ever since the conflict started, and especially after the announcement of economic sanctions on Russia, crude prices have been steadily climbing. They have risen most sharply in Europe, which is heavily dependent on Russian natural gas.

U.S. President Joe Biden’s decision to ban Russian oil is further set to roil energy markets. Since oil and natural gas are key inputs for almost every industry, there are fears of worldwide inflation. India, which relies on imports for the bulk of its energy needs, is especially vulnerable to changes in global crude prices. So, what does the war and the sanctions mean for fuel prices and inflation in India? What steps can India take to insulate itself from price shocks? And what are the chances that OPEC nations will ramp up supply and stabilise global crude prices?

Guest : Talmiz Ahmed, a former diplomat who holds the Ram Sathe Chair in International Studies at Symbiosis International University, Pune.

Host: G. Sampath, Social Affairs Editor, The Hindu

Edited by Reenu Cyriac

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