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Western countries have announced measures to ban or reduce the use of Russian oil, gas and coal due to Moscow's military operation in Ukraine.
The OPEC+ cooperation is facing a possible breakdown following Russia’s military invasion of Ukraine. Russia’s aggressive military moves towards Ukraine will have a negative impact on the oil market cooperation between OPEC and Russian-led non-OPEC members.
As Chancellor Merkel meets President Vladimir Putin in Russia, Germany has decided to defend the planned Nord Stream 2 pipeline amidst warnings from the US to impose sanctions to prevent Russia’s gas export. Germany repeatedly specified that it has no intention to go against Nord Stream 2 provided Ukraine isn’t deprived of a role of a major gas transit country. With that being said, Germany has totally brushed aside U.S. concerns.
