Energy Warfare

Has the Ukraine conflict permanently altered global oil and gas markets?


Russia's attempt to destroy Ukraine's power grid; its cutoff of natural gas to Kyiv's European allies; the West's retaliatory embargoes of Moscow's energy exports — all are the tactics of an energy war playing out alongside the grinding ground conflict. Russia's oil, gas and coal and Europe's markets are the principal munitions of this war, echoing other episodes over the past century when producers and consumers weaponized their positions along the energy supply chain. But today's energy war comes at a particularly perilous moment for climate-conscious countries that are trying to transition to renewable sources, yet remain heavily dependent on fossil fuels. Many analysts say the war is causing the global energy order — with its long-established geopolitical norms, well-worn supply chains and dependable markets ...

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