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Twice Pulitzer prize finalist, Dmitry has been running Reuters’ energy coverage in London across Europe, the Middle East and Africa for the past 12 years with particular focus on energy transition, geopolitics, OPEC, Russia and oil trading. Prior to this, Dmitry was chief economic editor for Reuters in Moscow covering energy, equities, forex and bond markets across the former Soviet Union for over a decade. He started his carrier with Agence France Press in 1995 after graduating from the Moscow State University.
This session will cover the following:
The global energy market has undergone some of the most profound changes in recent decades since the start of Russia’s war on Ukraine in February 2022. The war and the subsequent Western sanctions on Moscow have resulted in a major shift in global energy flows and political alliances. Russia was forced to quickly divert a lion’s share of its oil exports away from Europe to Asia while still struggling to date to find new markets for its gas. The US energy industry has quickly moved in to replace lost Russian oil and gas deliveries, allowing Europe to avert a full-blown energy crisis.
However, Europe has experienced a significant blow to its economic competitiveness as it is forced to pay the world’s highest prices for its energy supplies. Meanwhile, China and India chose not to follow the West in imposing sanctions on Russia and are currently benefitting from some of the cheapest energy resources such as Russian, Iranian and Venezuelan crude oil. Russia has proclaimed a new era of economic alliances but the shift towards Asia has cost the Kremlin tens of billions of dollars in lost revenues as Russian companies had to pay up for new shipping routes and struggled with exports logistics. The events of the past 18 months have shown the world’s energy system remains resilient in the face of huge shocks such as the loss of Russian supply. But the capacity to absorb such shocks is getting tighter amid ESG pressures on the fossil fuel industry and slower development of green energy.