In the last month, oil markets have been shaken by a war that has sparked a jump in prices and threatened a critical shortfall in crude and other petroleum products.
But when most of the world’s largest oil producers meet by teleconference on Thursday to discuss supplies, analysts don’t expect much action. Officials from the Organization of the Petroleum Exporting Countries and Russia are likely to do little more than announce their usual modest monthly production increases, leading to questions about how much oil the group really does have in the tank.
Western sanctions imposed on Russia over its invasion of Ukraine are likely to lead to the loss of substantial quantities of both crude and oil products, especially diesel fuel, from the market. Already, major buyers of Russian oil, like Shell and TotalEnergies, have said they will gradually purge petroleum of Russian origin from their vast networks.
“These losses will be enduring as Russia will…