Any meaningful loss of Russian energy would force China and India to compete with Western nations for supplies from other producers. But anything that could jeopardize Russia’s ability to keep supplying global energy markets will be watched anxiously by policymakers in the West, and by the country’s biggest customers in Asia. Libya and Venezuela provide cautionary tales of how civil war and internal political strife can savage energy exports. At just under 10 million barrels per day, it produces about 10% of global crude oil demand. It took a long time for the Russian oil industry to recover from that.

Source: CNN June 26, 2023 01:44 UTC