Russia’s invasion of Ukraine has upended global energy markets and, if stability doesn’t return soon, that could have serious geopolitical consequences for OPEC members. The pre-invasion hydrocarbon markets were almost in equilibrium, as stable global economic growth combined with rational management strategies from the OPEC+ alliance to balance markets. Despite a global pandemic that disrupted the global economy for two years, energy markets had managed to return to a level of relative stability. Some were even predicting a post-Covid…
