5min chapter

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How the Ukraine war is driving up food and energy prices for the world

Radio Davos

CHAPTER

What's Happened to the Oil Price in the Last 3 or 4 Weeks?

Before the war, we were already in a very tight oil market to begin with. We're expecting demand to grow probably somewhere north of about four and a half million barrels a day this year. But supply was not expected to keep up with that demand growth. Even in opeck and russia had cut supplies in order to help rebalance ta market over coved. Theread has been bringing some of these supplies back, but not quickly enough,. And now you've added in this disruption from, know, what's happening with russian and ukraine. It's really on the waterborne side that we're seeing a real slowdown.

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