Rystad: Ukraine war could wipe out 1 million bpd in local crude demand. Oil demand in both Ukraine and Russia is set to plunge if an end to the conflict does not materialize quickly. The direct and indirect sanctions imposed by the West on Russia’s financial system will reduce economic activity significantly. War in Ukraine could result in as much as 1 million barrels per day (bpd) of oil demand being removed from the global market, Rystad Energy research shows. The human and material costs of the conflict have been catastrophic just seven days into the military operation. Russia has so far shown no signs of backing down, and prospects of a breakthrough in negotiations appear slim. As a result, investors and markets are scrambling to assess the ramifications of the worsening crisis as the West slaps even more stringent sanctions on Russia, while institutions and companies distance themselves […]