Sanctions on Russia create high stakes for global economy, fuel prices

The oil markets' reaction to Russia's invasion of Ukraine has been dramatic to say the least as global oil and gas supplies, already struggling to keep up with the strong post-pandemic recovery in fuel demand, were further tightened as countries pulled away from Russian resources. And the Analytics team at S&P Global Commodity Insights has said "there are not sufficient sources of incremental supply to cover a substantial prolonged loss of Russian oil." Senior editor Jasmin Melvin spoke with foreign policy and international energy specialist Brenda Shaffer about what's needed to shore up global energy supplies and bring down prices, as well as whether sanctions remain the right tool for dealing with geopolitical conflicts. Stick around after the interview for Starr Spencer with the Market Minute, a look at near-term oil market drivers. Tell us more about your podcast preferences so we can keep improving our shows. Take our two-minute survey here: https://bit.ly/plattspod22