Opinion by Daniel Yergin and Carlos Pascual: Amid mounting revulsion over Putin’s tactics, momentum is accelerating for stronger European Union energy sanctions.
” of the 1956 Suez Crisis, which at the time included temporary antitrust exemptions to permit critical information flow among government and companies.
With such cooperation, sanctions against Europe-bound Russian oil might just be manageable. According to our figures, about half of Russia’s 7.5 million barrels per day of crude and product exports go to Europe — meeting about 35 percent of total demand. President Biden’s recent of a huge release from the U.S. Strategic Petroleum Reserve was a major step to help offset shortages.U.S. oil production will increase substantially this year. Middle East producers could add more oil quickly, but that would mean jettisoning their OPEC Plus agreement and getting beyond the tensions in U.S.-Saudi relations. An Iran nuclear deal, with sanctions lifted, could quickly bring more oil to market.