Only OPEC Can Help The West Replace Russian Oil

Last week, oil and commodity markets recorded their biggest weekly gains in years as shuttering of Ukrainian ports, sanctions against Russia, and disruption in Libyan oil production sent energy, crop, and metal buyers scrambling for replacement supplies. Crude prices have spiked again this week on fears that the U.S. and its allies were seriously mulling a ban on Russian oil and gas.  Well, the Russian boogeyman has not been imaginary, after all: on Tuesday, President Biden imposed an immediate ban on Russian energy imports while the United…