Big Oil’s Sudden Decision To Exit Russia Comes At A High Price

The impact of the Russia/Ukraine crisis is growing, as big oil companies that had entered into various deals with Russian oil companies are now looking to withdraw. These actions will lead to collateral damage in the weeks and months to come, as production losses from the moves inevitably pile up, rendering an already-tight oil market constrained by years of under-investment in new reserves even less capable of meeting rising global demand. BP was the first major Western oil firm to announce it would cancel Russian-based business ventures, warning…