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Since Russia’s invasion of Ukraine began, the European Union (EU) has had to rethink its long-standing reliance on Russian gas, which accounted for around 40% of the region’s total consumption in 2021. Notably, this reliance has been growing over the last few years.
The oil and gas (O&G) sector was severely impacted by the lockdowns around the globe and the price war between Saudi Arabia and Russia that triggered a sharp decline in oil prices.
After two months of relative stability, crude prices went down again due to over-supply concerns. Both production and inventories continued to expand despite the downward trend in rig count and capital expenditures.
