Is it possible to exclude Russia from the oil market?
US oil, oil products from Russia and of course gas imposed an embargo on imports. The decision is on March 8 president Joseph Biden announced.
Commenting on the sanctions imposed against Ukraine against the background of total military aggression, economist Rovshan Agayev writes that, Russia has a 3% share in US oil imports: “Russia’s role in meeting Europe’s oil needs 20 not less than a percentage. Even the Netherlands and Germany gets about 25 percent of its oil from Russia. However, Europe Russia Opportunities to find an alternative to oil are more realistic than natural gas.
Isolation from the global oil market Russia could be a severe sanction for the economy. Because the main part of the country’s resource revenues is formed from oil. Gaseven in 2021, where the price of Russia is 250 billion Crude oil accounts for 75 percent of US $ 1 billion in resource revenues and fell to the share of oil products.
The expert adds that, Venezuela of the Western Coalition and Statement on Iran’s return to oil market, Canada’s ability to increase annual production to 50 million tons Russia “Given the potential of the United States to increase shale oil production by 1.5 million barrels per day, it is possible to extract an additional 5 million barrels per day on the world market in the next 6-8 months,” he said. This is the entire volume of oil that Russia plans to squeeze out of the world market compensation enough to do.
But the situation is different with natural gas. The most optimistic experts are from Russia gas They think it will take Europe at least three years to end its dependence. “