Will Big Oil’s Attempts To ‘Self-Sanction’ Russia Be Enough To Tame Putin Without Oil-Mageddon?

Will Attempts To ‘Self-Sanction’ Russia Be Enough To Tame Putin Without Oil-Mageddon?

Energy buyers are scared of shortages. Europe is now paying $50/mmbtu for natural gas — ten times the prevailing U.S. price . And yet despite the intense demand, the U.K. rejected delivery of an LNG cargo this week because it was carrying Russian gas. Even coal demand

Russia’s 5 million barrels of daily exports might not sound like that much relative to a 100 million bpd global market. But right now, with the world waking up from the pandemic, supply is already having a hard time keeping up with demand for gasoline, diesel and jet fuel. Even if the Kingdom is not able to ramp up much from its current 10.1 million bpd, Saudi Arabia’s Crown Prince Mohammed bin Salman announced Thursday that he was keen to help by mediating peace talks between Putin and Ukrainian President Volodymyr Zelensky.

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