Energy policy-making devoid of the awareness that oil revenue itself can be weaponized may be partially responsible for the scenes of rape and mutilation of women and children now witnessed by the world.
The answer certainly appears to be no. To the civilized world, purchasing energy from Russia is no longer politically palatable and this will have a profound impact on energy markets for years to come. Jan Stuart, head of global policy at Piper Sandler Cos., believes Russian oil production could fall by as much as 500,000 barrels per day going forward versus historical growth of 100,000 to 200,000 bdp. Given the already undersupplied state of the oil market, this new potential loss of supply is significant. The U.S.
In a world of only moderate U.S. shale supply growth, likely exhausted Organization of the Petroleum Exporting Countries spare capacity by the end of this year, and flat production from the global super majors to the end of the decade, the ability to replace lost Russian exports of roughly 4.6 million barrels per day of oil and oil products to the West appears hugely challenged.