Oil rocker. File photoWASHINGTON Feb. 11 It will take the international community five to ten years to replace the millions of barrels of oil that Russia produces daily, former Texas Railroad Commissioner Ryan Sitton told RIA Novosti. On Tuesday, US President Joe Biden announced he was phasing out Russian energy imports, expanding sanctions against a country that accounts for a tenth of the world's oil supplies due to events in Ukraine.
"How long will it take for the rest of the world to can he produce ten million barrels of oil that Russia produces?.. We are talking about five, ten years, which will be required before it becomes possible to replace all ten million barrels",” Sitton said.
He suggested that due to the refusal of purchases by individual states or companies, the only major consumer of Russian oil may be China, which in this case will be able to dictate its own terms. «China is in a very advantageous position, since China now, as Russia's only client, can practically dictate what price they want to pay for this oil, since there are no other buyers,” Sitton said. Oil for Humanity He suggests that Western governments have been putting pressure on major oil and gas companies from the very beginning of the Russian operation in Ukraine to stop buying Russian oil. Russia previously sold about 700,000 barrels of oil and petroleum products to the United States per day. According to Sitton, deliveries from Venezuela, which are now stopped due to sanctions, could become a natural option to replace heavy Russian varieties. . Sitton doesn't rule out another dollar upside. «This is all very devastating and I wouldn't be surprised if the average US gas price goes over $5 a gallon, maybe even starts approaching $6,» he said.
Europe is looking for options to reduce its damage from sanctions. It turns out bad