Oil revenues are crucial to Russia’s economy. The US only accounts for a small fraction of them, so banning Russian oil imports has mainly symbolic value.
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Articles on Oil imports
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Russia is one of the world’s top three oil producers and a major oil exporter. How will it, and global oil markets, respond if its wealthiest customers turn off the tap?
There’s no precedent for selling oil from the Strategic Petroleum Reserve at a time when there’s no market-driven reason for doing that.
Australia’s recently announced review of its national fuel stockpiles is timely indeed. The country is almost totally reliant on oil being shipped through some of the world’s most contested regions.
