Conflict in Ukraine following Russian troops launching attacks across international borders on Feb. 24, has already had a major impact on prices of key commodities from oil and gas through to steel and grains. Europe is heavily reliant on gas and Urals crude via the Druzhba pipeline to refiners across the region.
Ukraine is also considered Europe's bread basket and a major supplier of wheat amongst other key commodities shipped through its ports.
S&P Global Platts Analytics has said its base case demand forecast continues to assume growth of 4.1 million b/d in 2022. However, under a limited incursion scenario in Ukraine, global demand growth could ease by 0.7 million b/d.
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This infographic was originally released on Feb. 15 and updated on Feb. 24.
Related factbox: Commodity markets rattled as Russia 'invades' Ukraine