Buyers in the West are shunning Russian oil, sparking fears of a potential supply shortage. Some experts are warning that pulling Russian oil off the market could result in a global economic downturn. “Every recession in the past 50 years has been preceded by an oil price spike, and it is déjà vu all over again.” The more Russian oil supply comes off the market in the coming months, the higher the chances of a global recession later this year, economists and analysts have started to warn since Russia invaded Ukraine a month ago. The latest warning came this week from two economists from the Research Department at the Federal Reserve Bank of Dallas. Should a large part of Russia’s energy exports remain off the market throughout this year, a global economic downturn seems unavoidable, Lutz Kilian and Michael D. Plante wrote in an analysis on Tuesday. The analysis […]