The recent US ban and UK phaseout of Russian oil only disrupted around 500k barrels/day of supply. A ban imposed by Europe would cause major supply challenges.
The recent US ban and UK phaseout of Russian oil only disrupted around 500k barrels/day of supply. A ban imposed by Europe would cause major supply challenges.
Increased production from other OPEC+ countries, more US shale production, and possibly Iranian oil could make up for some of the deficit. These aren't quick solutions.
Many European countries are still highly dependent on Russian oil. See where it all goes in our infograpic.
Infographic by WDF ; Data from IEA (Nov 2021) and EIA for US data (Dec 2021).
