Vladimir Putin's invasion of Ukraine is roiling markets, especially the oil and natural gas markets. After all, Russia accounts for about 10 percent of world oil production of which it exports a bit more than 5 million barrels per day. European countries import about 2 million barrels of that per day (mostly via tankers), and Russian natural gas accounts for 40 percent of European natural gas consumption. Most Russian natural gas and a lot of its oil exports transit via pipelines routed through Ukraine.
