RE: Putin oil and gas8 Mar 2022 17:50
O&G background here.
There is NO WAY Europe can wean themselves from Russian oil and gas in 10 years never-ending 1. There not enough excess supply in the world to cut out Russia. They were able to Sanction iran due to their 2.2m exports and Libyas 800k. The Saudis maximum output is 12m and currently producing nearly 11m, leaving 1m excess. Russians maximum output is circa 11m. Huge gap.
You would be looking at $300 barrel oil if Russians cut off.