Oil prices climbed past $100 a barrel after Russia, the world's largest exporter of crude and fuels, invaded Ukraine in February. But prices have come off their peaks by nearly 40% amid fears that an economic slowdown would weaken demand. That's the elephant in the room," Fereidun Fesharaki, founder and chairman of energy consultancy FGE, told Reuters on the sidelines of the conference, as bans on Russian oil loom. But when we get to Dec. 5, if Russian oil gets shut in, prices will be $120 or more." Such a move would add to global supplies and depress fuel prices but could support China's crude demand.

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