Caixin
May 05, 2022 08:43 PM
BUSINESS

In Depth: How the War in Ukraine Is Rattling China’s Energy Transition

Oil refiners are also feeling the pain from high oil prices, even as the price of their products rises to new highs: VCG
Oil refiners are also feeling the pain from high oil prices, even as the price of their products rises to new highs: VCG

Since Russia attacked Ukraine in late February, prices of crude oil and natural gas have jumped as sanctions on the major energy exporter have left many countries scrambling for alternative sources of fossil fuel.

If the war lasts more than six months, crude prices may top the record high seen during the global financial crisis in 2008, Sun Renjin, secretary-general of the expert committee at the China Petroleum Circulation Association, predicted at a mid-April conference.

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