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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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?
What on earth is going on in the oil market? Does the recent 60% collapse in oil prices in six months really reflect shifts in underlying supply and demand for crude oil? I’m afraid not, as I have been…
