Ajay Parmar, director of energy and refining news at ICIS, and Andreas Schröder, head of gas, unpack the forces driving renewed volatility across global oil and gas markets.
Parmar outlines how the duration of disruptions, not just their scale, is shaping price trajectories, with millions of barrels per day already shut in and the risk of sustained deficits building over time.
The conversation also explores the growing complexity of global gas markets.
Schröder highlights Europe's increasing reliance on LNG, the shifting geographic center of energy risk toward Asia and the long-term implications of infrastructure damage in key exporting regions like Qatar.
This interview was recorded on March 20, 2026.
0:00 - Intro
1:17 - Parmar breaks down various Strait of Hormuz impact scenarios
3:51 - Parmar underscores how infrastructure damage in the Middle East will likely prevent a quick restart
5:20 - Parmar explains how quickly the oil market could switch from surplus to deficit
7:14 - Schröder outlines how this crisis compares to previous energy disruptions
8:58 - Schröder provides an overview of European gas market pinchpoints
10:07 - Schröder discusses the impact of gas infrastructure damage in the Middle East
11:29 - Parmar unpacks how material a strategic reserve release could be for the market
13:52 - Parmar details how this conflict could further bolster resource nationalism sentiment
15:08 - Schröder offers his thoughts on the impact of resource nationalism on the LNG space
16:14 - Schröder discusses recently changed gas regulations in the EU
17:30 - Parmar offers insights into where ICIS sees the oil market going over the next five years
20:24 - Schröder offers insights into where ICIS sees the gas market going over the next five years
22:13 - Outro
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