Russia's Invasion Of Ukraine Is A Catastrophe For Its Oil Industry

A quick look at the numbers will show just how intertwined Europe and Russia are, and how the Russians have taken aim at the goose that lays the golden eggs. Here are the numbers, all rough and all changing fast. First, the world consumes about 97 million barrels a day(b/d) of oil. The Russians produce about 11 million b/d. They are big producers. They export about 8 million b/d. Now it gets pertinent to today’s crisis. The Russians send about 80% of their exports to Europe. And the Europeans get 40% of their oil from Russia. In other words,…