Reuters Econ World Energy war
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Oct 29, 2025 Join Dmitry Zhdannikov, an energy expert with insights into global oil markets, and Guy Faulconbridge, the seasoned Reuters Russia bureau chief, as they delve into the gripping energy conflict arising from the Russia-Ukraine war. They discuss Europe's pivot away from Russian oil, the pivotal role of energy in Russia's economy, and the impacts of U.S. sanctions on energy giants like Rosneft. The duo also highlights how drone strikes are reshaping energy supplies and how global markets are affected, with the U.S. solidifying its position amidst ongoing turmoil.
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Conflict Escalates Into An Energy War
- Both sides have escalated attacks on energy infrastructure, making the conflict an 'energy war'.
- Ukrainian drones hit ~17% of Russian refinery capacity while Russia targets Ukraine's power and heating systems.
Energy Is Russia's Economic Backbone
- Oil and gas remain central to Russia's economy, funding a large share of state revenue and global influence.
- Damaging those flows hurts Russia but risks raising global energy prices and market disruption.
Sanctions Raise Russia's Selling Costs
- Sanctions raised costs by forcing Russia into costly rerouting and discounting of oil via third parties and ship-to-ship transfers.
- That leaves Russia earning less per barrel than competitors like North Sea or US producers.