An initial squeeze on demand for Russian oil due to western sanctions was temporary but the country’s oil industry might have bigger problems.
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Europe’s options of alternative sources of oil are limited,
Price shocks are a feature of the global oil market, not a bug – and even when governments take many steps to grow supply or reduce demand, it can be years before prices ease.
Canada must move away from using fossil fuels, but a transition that comes too fast could harm the economy. Policy-makers must strike a balance between energy security and economic growth.
The oil-exporting organization may have mustered the political will to cut production, but its disunity remains intact.
Top contributors
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Energy Economist, University of Surrey
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Senior Lecturer, Royal Docks School of Business & Law, University of East London
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Lecturer, Jackson School of International Studies, University of Washington
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Postdoctoral Fellow, Center for Presidential History, Southern Methodist University
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Associate Professor of Economics, University of Regina
