Russia's European network of gas fields and pipelines developed at a cost of hundreds of billions of dollars has been effectively thrown away due to the war in Ukraine.
The developments suggest those companies and countries who were unwilling to buy Russian crude have already stepped back, leaving the market to others who are happier to do so.
Shipments of the nation’s crude were little changed in the seven days to Friday compared with the previous week.
Focusing on a handful of companies that pump about 10% of the crude oil produced on the planet every day isn’t going to reverse the rise in global carbon dioxide emissions alone.
The next five years may be no smoother for oil producers than its first five have been.
The energy transition away from hydrocarbons cannot come fast enough for Europe.
The direct link to Germany finally brings an end to Russia’s dependence on former Soviet states for transporting oil and gas to Western export markets.
Oil producers may have to forgo future output increases, and perhaps even reimpose cuts, if they are to prevent stockpiles from rising again.
Stay-at-home advisories are likely to hit motor fuels, which until now had been supported by a mass switch from public transport to private cars and motorbikes.
The United Arab Emirates is privately questioning the benefits of participating in OPEC and may even be considering whether to leave.
