Predicts the collapse of the world economy without Russian oil
A complete rejection of Russian energy supplies would have deadly consequences for the global economy, former Texas Railroad Commissioner Ryan Sitton (the state's oil regulator) said.
 |
| Crude oil extraction in Russia. |
Completely rejecting Russian energy sources is impossible.
“Despite the fact that we are currently witnessing the tension of armed conflict, the possibility of 100% disappearance of Russian energy from the Western market is practically zero. If Russian fuel were completely removed from the market, this would completely destroy the global economy,” Sitton said, assessing the possibility of refusing energy supplies from Russia in case of escalation of the situation in Ukraine.
Sitton admitted that if Russian energy supplies are cut off, there will be a shortage on the market, as a result of which the price of a barrel of oil could rise to $200-$300.
He noted that it would be possible to replace Russia's share of the world market with oil from Malaysia, Canada or Venezuela, but added that it would take at least three years to do this.
Russia has repeatedly stated that Moscow is fully fulfilling its contractual obligations for the supply of energy resources. This fact has been recognized by the European Commission.
Invasion of Ukraine
In recent months, the West has accused Moscow of plotting an "invasion" of Ukraine and of increasing its presence in Eastern Europe. Russia has denied all claims, stressing that it is moving troops on its territory, and has reiterated that it is not involved in the internal Ukrainian conflict and has not violated any agreements, while Kiev has not complied with the Minsk agreements.
