Will The West Ban Russian Oil Imports?

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This video is sponsored by noa, an audio app i  use for listening to articles from the world’s   out using the link in the description below.   exporting countries instituted an oil embargo on   the united states, sending prices soaring. this  came at a difficult time for the united states   rising more than 10 per cent per year

At the time   in addition, the u.s. oil industry had very  little excess production capacity, which meant   that it was difficult for us energy producers  to bring more oil to market when it was needed.   in the aftermath of that oil shock, the united  states began seeking energy independence to   europe became increasingly

Reliant  on russia for its energy needs. could the west place an embargo on russian oil  and gas? would such an embargo make a difference   to russia? and to what extent would the western  nations be harming themselves by doing this?   so first up, the european union is the world’s  largest energy importer. they import 60%  

Of their energy needs, at a cost of more than  €350 billion a year. right now, europe imports   in the 1960s and 1970s, europe was producing  roughly the same amount of natural gas that it   as the north sea gas fields depleted, and the   netherlands began shutting down their gas fields  – these are the largest source of

Natural gas   over the last twenty years or so, the eu has   been reducing its dependence on coal in order to  reach its climate goals and germany even passed a   law to phase out nuclear power altogether. their  final three nuclear power stations are scheduled   belgium, switzerland and the uk have been reducing  

So, european nations turned to russian natural   gas to fill the gap between the phase out of their  existing energy supplies, and their transition to   zero emissions renewables and storage which they  plan to eventually use as a full replacement.   about 25% of the eu’s energy consumption comes  from natural gas and that dependence

On natural   gas means a dependence on russia. some of the  biggest european economies are among the most   exposed, with germany importing 90% of its energy  needs. the problem is that these renewables   russia has the largest reserves of  been an exporter since the 1940’s. even  natural gas deliveries could be relied on.

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Europe has been dealing with severe energy   problems over the last year. after an unusually  cold winter the year before, europe went into this   winter season with low stocks of natural gas.  then a wind drought where wind speeds were at   some of the lowest levels for the past 60 years,  meant that there was a shortage of wind

Energy.   booming asian demand, and maintenance trouble  at french nuclear plants combined to squeeze   to europe to put pressure on them to approve   the new nord stream two gas pipeline. benchmark  gas prices more than tripled in europe in 2021,   when western leaders began threatening putin  with sanctions over the invasion of

Ukraine,   to avoid directly hitting russia’s energy   now, before i dig into the global effects of a  russian energy embargo, let me quickly tell you   over audio, an audio app that allows you to   listen to some of the best financial journalism  when you don’t have time to read. it’s perfect   for when you’re

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By signing  up using the link in the description below   washington announced last week that it would ban  russia’s largest banks, from processing payments,   serves the russian energy company gazprom.   the russian banks that process energy payments  are also absent from the list that brussels agreed   there have

Been calls though, for western   has called on governments to impose a  now, a large amount of russia’s foreign  i covered that in my last piece. but as  long as commodity exports keep flowing,   moscow will be receiving hard currency, and this  time they won’t make the mistake of leaving that   to be frozen. with

Today’s energy prices,   billion dollars per day in oil and gas revenues.   while driving inflation even higher  happening. they don’t however, expect the  russian economy to entirely stop functioning   exists to soften the impact of the measures.   cutting off american purchases of russian oil  would not be a big deal for

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The united states,   oil imports from russia. the united states   had reached energy independence right before the  covid 19 pandemic and could easily enough return   to energy independence as production in texas and  north dakota come back online. high oil prices do   tend to encourage us private sector investment 

The biggest problem for the united  it’s the desire not to isolate their european  allies. germany’s minister of economics last week   needs these supplies for price stability   and security of energy. diplomats in brussels  have said that there have only been informal   in reality, right now, many western banks,  

Oil refineries and shipowners are effectively  “self-sanctioning” or behaving as if russian   oil is already unavailable. business dealings  with russia have become toxic for many large   as shipping companies, banks and insurers  according to the financial times, roughly  70 per cent of russian crude is “struggling  

In the pricing where, russian urals crude is   quoted at a discount of more than $18 a barrel  so, right now, there’s nothing legally stopping  anyone from buying or selling russian crude,   but oil and shipping markets are pricing in the  risk that this could change at a moment’s notice.   will be reluctant to transport the

Barrels,   this means that oil traders are being careful too.   on wednesday, a large russian oil producer failed  to award tenders – after three attempts — to sell   about 6 1/2 million barrels of urals crude. this  basically means that if you are a russian oil   company trying to sell oil, there is an embargo  in all

But name. russian crude oil, in theory,   their bets for now, and behaving as if it is.   of gas to europe per day at current prices.   unlike oil, european buyers have continued  to buy russian natural gas and have even   contracts with gazprom as right now, that is   kadri simson – the european union’s energy  

Commissioner announced on monday that europe’s  energy supply is sufficient to get through the   she said that next week, the commission will  present a proposal on strengthening energy   independence, especially from russia. but that  the recent increase of energy prices, along with   europe has already boosted imports of

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Liquefied   but there is no quick russia replacement   that can be brought online in the short term. a  european embargo is something that could happen,   commodity prices are on track for the biggest   weekly price spike in more than fifty years. the  events of the last week have caused sharp gains   futures, for

Example, closed yesterday almost   energy is a critical part of the russian   close to half of russia’s export revenue.   even if trade continued with china and other  countries that did not join in the sanctions.   putin announced $118bn of new oil and gas deals  with china after the winter olympics last month.  

While this might be good for putin, a situation  where russia’s only trade partner is china,   would put putin firmly in xi pocket, which would  probably not be an attractive position for him.   could force them to close off some oil wells,  which can be difficult to turn back on – oil   another option for western countries would

Be  to ratchet down oil imports rather than halting   where 20 per cent cuts were imposed every   six months. as the warmer weather approaches, this  becomes easier for europe. twenty e.u. countries   agency, and they are required to hold at   least 90 days of oil reserves. if oil supplies  were severely disrupted, they

Could decide to   if the west were to embargo russian oil and gas,   policymakers would expect these measures to have  a similar impact to the sanctions imposed on iran   in 2018. those measures were focused on reducing  iran’s revenue from oil exports to zero. while   with massive inflation which peaked at 48%  

In 2018 and is expected to remain above 25% in  the foreseeable future, the country is still able   to export oil to friendly countries like china  and wealthier iranians who have political ties,   still manage to mostly maintain their luxurious  lifestyles. while the economy is not doing well,   surviving and winning “the

Economic war”. as you can see all of this is complicated,   if you found this interesting, you should watch   the description below or use the discount code  patrickboyle for a free trial of noa and a 37%   great day and talk to you soon. bye.

Transcribed from video
Will The West Ban Russian Oil Imports? By Patrick BoyleliveBroadcastDetails{isLiveNowfalsestartTimestamp2022-03-04T213011+0000endTimestamp2022-03-04T214608+0000}

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