The biggest restructuring of oil trade flows since the Arab oil embargo of the 1970s is underway – and things may never return to normal. The Russian invasion of Ukraine and sanctions against Russian oil exports are changing global oil trade routes. For the past nearly five decades, oil has flowed more or less freely from every supplier to every customer in the world, with the exception of sanctions against Iran and Venezuela in recent years.
This free trade in energy is now over after the Russian aggression…
