: Russia’s oil production is in long-term decline – and the Ukraine war has only made things worse #IndiaNEWS Immediately after Russia’s invasion of Ukraine, world oil prices jumped above 0

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Russia’s oil production is in long-term decline – and the Ukraine war has only made things worse #IndiaNEWS
Immediately after Russia’s invasion of Ukraine, world oil prices jumped above 0 per barrel, hitting 0 for Brent crude on March 8. The prevailing fear was that substantial Russian supplies would be lost to the world market either through western sanctions or a voluntary decision by Moscow in retaliation to western support for Ukraine. This was especially worrying when the world was already struggling to secure enough additional oil to meet rapidly growing demand as the Covid-19 restrictions began to ease.The International Energy Agency, for example, predicted that “from April, three million barrels per day of Russian oil output could be shut in� – that is about a third of the total. It feared that this could produce “the biggest supply crisis in decades�.Yet such forecasts turned out to be much too pessimistic. After more than four months of war, Russian oil and gas production is at close to the same level as when the war started. So why is this, and what can we expect in future?Russia and energyRussia is “incredibly unimportant in the global economy except for oil and gas�, as Harvard economist and former Obama adviser Jason Furman once said. It is only the 11th largest economy overall, despite being the third-largest oil producer after the US and Saudi Arabia...Read more

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