Almost a year has passed since the conflict between Russia and Ukraine started polarizing a global economy that was still recovering from the setback of a pandemic and redrawing the global energy map. With hostilities set to intensity in the spring with both sides replenishing their supplies and rearming themselves, a peaceful resolution seems unlikely.
Although crude oil prices are down from their mid-2022 highs due to concerns regarding global economic growth, an earlier-than-expected return to growth for Europe aided by an expedited reopening of the Chinese economy is expected to keep demand stable and inching upwards.
