Russian Oil had played key role in stabilising crude market as well as prices

By K Raveendran

The global oil market is once again caught between geopolitics and fundamentals, as a new set of developments forces traders, producers, and consumers to recalibrate expectations. With the United States and the European Union signalling a hardening of positions on Russian oil, and with the Middle East simmering in heightened tensions, Brent crude has already registered its biggest weekly gain since June. This sudden surge underscores how fragile the balance in the oil market has become, despite the stabilising role played by Russian crude exports to India and China since 2022.

For much of the past two years, the market had adapted to the new order that emerged after Western sanctions on Russia

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