Oil and global politics after 24 February 2022

Tetiana Stoiian

Oil and global politics after 24 February 2022

Tetiana Stoiian

Abstract

A study of the impact of oil on global politics at this time is necessary to understand the relationship between energy security, geopolitical conflicts, and economic relations, which could substantially affect the future of the global energy landscape and international relations. The purpose of this study was to analyse the impact of the oil market on geopolitical relations and develop strategies to ensure energy security and stability in the international arena. The meth- ods employed include the analytical method, classification method, functional method, statistical method, and synthesis method. The study found that the rise in oil and other energy prices after the outbreak of geopolitical conflicts led to a considerable increase in economic pressure on importing countries. It was emphasised that the development of alterna- tive energy sources has become a vital strategic step to reduce dependence on oil. For instance, expanding the use of solar and wind power can help to balance the energy mix and reduce risks from geopolitical turbulence. The study analysed the possibilities of international cooperation in the energy sector to ensure energy security and stability in the global market. It was found that synergy between countries can help reduce the impact of geopolitical conflicts on the energy market and ensure sustainable energy supplies. It was established that the transition to alternative energy sources and the de- velopment of effective energy security strategies are key factors in supporting the sustainable development of national economies in a changing geopolitical environment. The conclusion is that there is a need to intensify efforts to develop and implement a comprehensive approach to energy regulation to ensure energy stability and maintain international peace and security. The authorities, business, and other stakeholders can use the findings of this study to make strategic decisions in the field of energy and global economic relations

Keywords

energy security; geopolitical conflicts; economic relations; alternative energy sources; diplomatic efforts

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Suggested citation

Stoiian, T. (2024). Oil and global politics after 24 February 2022. Foreign Affairs, 34(2), 21-28. https://doi.org/10.46493/2663-2675.34(2).2024.21