That is especially true in this case considering our meddling in Ukraine is what lead to the present war there.
It’s absurd to think we’re going to act as the world’s bully and deny one country from buying oil from another.
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The biggest laugh is the EU is still buying Russian energy! They can’t exist without it, …… maybe President Trump should impose ridiculous Sanctions on the EU first, instead of India.
* note : The West did blow up the Nordstream pipeline,….fools.
Europe as a whole extracted 2.99 million barrels/day of oil from the ground last year.
This was down sharply from 2023 (-7%) mostly because of the dying North Sea, that affected Norway and the UK’s output. Note Europe’s max was 7.057 mbpd in 1999 as the North Sea peaked.
Europe consumption was 14.1 million bpd last year. Increase of about 0.8% (so much for EVs reducing oil consumption).
So with 3 mbpd production and 14.1 mbpd consumption, where was the differential coming from? The Middle East, mostly. The US a very small amount. And . . . Russia via India.
Global consumption exceeded global production last year. This is what scarcity means.
India hoes mad.