► Since the beginning of the Pandemic in 2020, the global energy market has been showing signs of significant instability due to plummeting prices as consumption rapidly declined, followed by skyrocketing prices due to economic recovery and supply instability. And the situation only worsened after the start of the war in Ukraine. ► Because Korea has a low rate of energy self-sufficiency and is vulner...

► The Russian invasion of Ukraine in February 2022 and subsequent `sanctions war’ between Russia and OECD countries – but particularly Europe and the United States – have resulted in a major increase in all energy prices in general and particularly natural gas prices. ► This will create problems and extra costs, particularly for European refineries and shortages of some oil products, principally diesel f...