Russia is the second largest exporter of crude oil over the world

Russia is the second largest exporter of crude oil over the world, and the export volume takes up 25% in global export trades. Crude oil price has been intensely volatile since the outbreak of Russia-Ukraine war. As the sanctions on Russia by Europe and the US intensified, the concerns on supply suspension of Russian energy escalated. In the past six trading days, Brent crude oil futures once increased by $41/b, pushing crude oil price to the highest since Jul 2008.