Crude oil prices are engaged in a tussle between fears of a recession-led demand decline and ongoing supply tightness, with risks to demand currently edging ahead.
But many in the oil industry are concerned that supply tightness will make a comeback when the European Union ban on Russian crude imports comes into effect in December, and a similar measure on refined products in February 2023.
The industry is holding its first major face-to-face gathering in Asia at S&P Global Commodity Insights Appec 2022 event, and uncertainty over how the ban will work in practice and how the industry will adjust was rife.
