HOUSTON: A year after Russia’s invasion of Ukraine, the oil market has become more fragmented and uncertain, a dynamic expected to boost crude prices over the long term.
Condemnation of Russia by Western governments has essentially severed Europe from Russian supplies, leaving it more reliant on the Middle East and the United States.
That shift means cheaper Russian energy imports for China and India, while countries that refuse to buy Russian crude must pay a premium to import from other suppliers.
The oil market “is radically different in some…
