{"id":62173,"date":"2022-03-10T07:14:06","date_gmt":"2022-03-10T12:14:06","guid":{"rendered":"https:\/\/olduvai.ca\/?p=62173"},"modified":"2022-03-10T07:14:06","modified_gmt":"2022-03-10T12:14:06","slug":"loss-of-russian-oil-leaves-a-void-not-easily-filled-straining-market","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=62173","title":{"rendered":"Loss of Russian Oil Leaves a Void Not Easily Filled, Straining Market"},"content":{"rendered":"<header class=\"css-hstmzh euiyums1\">\n<div class=\"css-1vkm6nb ehdk2mb0\">\n<h3 id=\"link-20f753f7\" class=\"css-8f5kxd e1h9rw200\" data-testid=\"headline\"><a href=\"https:\/\/www.nytimes.com\/2022\/03\/09\/business\/energy-environment\/russia-oil-global-economy.html?fbclid=IwAR3sZ6DrpH1vR2TYhOM-E-kTuOIAn4rN0Ig2mu79kpUQjK1KogyAm80zckI\">Loss of Russian Oil Leaves a Void Not Easily Filled, Straining Market<\/a><\/h3>\n<\/div>\n<p id=\"article-summary\" class=\"css-w6ymp8 e1wiw3jv0\"><strong>Global production will take time to ramp up, so the U.S. and other buyers will chase limited supplies, creating upheaval unseen in decades.<\/strong><\/p>\n<div class=\"css-79elbk\" data-testid=\"photoviewer-wrapper\">\n<div class=\"css-p32u31 e11si9ry2\" data-testid=\"photoviewer-children\">\n<div class=\"css-tux0zj e11si9ry3\" data-testid=\"photoviewer-overlay\">\n<div class=\"css-1i35coy e11si9ry4\">\n<div>\n<div class=\"css-8h527k\" data-testid=\"lazy-image\">\n<div data-testid=\"lazyimage-container\"><picture class=\"css-1j5kxti\"><source srcset=\"https:\/\/static01.nyt.com\/images\/2022\/03\/08\/business\/08Global-Oil-1\/merlin_203480265_58f52c3c-508c-454e-9dcb-801a10c3ecac-mobileMasterAt3x.jpg?quality=75&amp;auto=webp&amp;disable=upscale&amp;width=600\" media=\"(max-width: 599px) and (min-device-pixel-ratio: 3),(max-width: 599px) and (-webkit-min-device-pixel-ratio: 3),(max-width: 599px) and (min-resolution: 3dppx),(max-width: 599px) and (min-resolution: 288dpi)\" \/><source srcset=\"https:\/\/static01.nyt.com\/images\/2022\/03\/08\/business\/08Global-Oil-1\/merlin_203480265_58f52c3c-508c-454e-9dcb-801a10c3ecac-mobileMasterAt3x.jpg?quality=75&amp;auto=webp&amp;disable=upscale&amp;width=1200\" media=\"(max-width: 599px) and (min-device-pixel-ratio: 2),(max-width: 599px) and (-webkit-min-device-pixel-ratio: 2),(max-width: 599px) and (min-resolution: 2dppx),(max-width: 599px) and (min-resolution: 192dpi)\" \/><source srcset=\"https:\/\/static01.nyt.com\/images\/2022\/03\/08\/business\/08Global-Oil-1\/merlin_203480265_58f52c3c-508c-454e-9dcb-801a10c3ecac-mobileMasterAt3x.jpg?quality=75&amp;auto=webp&amp;disable=upscale&amp;width=1800\" media=\"(max-width: 599px) and (min-device-pixel-ratio: 1),(max-width: 599px) and (-webkit-min-device-pixel-ratio: 1),(max-width: 599px) and (min-resolution: 1dppx),(max-width: 599px) and (min-resolution: 96dpi)\" \/><img decoding=\"async\" src=\"https:\/\/static01.nyt.com\/images\/2022\/03\/08\/business\/08Global-Oil-1\/merlin_203480265_58f52c3c-508c-454e-9dcb-801a10c3ecac-articleLarge.jpg?quality=75&amp;auto=webp&amp;disable=upscale\" sizes=\"((min-width: 600px) and (max-width: 1004px)) 84vw, (min-width: 1005px) 80vw, 100vw\" srcset=\"https:\/\/static01.nyt.com\/images\/2022\/03\/08\/business\/08Global-Oil-1\/merlin_203480265_58f52c3c-508c-454e-9dcb-801a10c3ecac-articleLarge.jpg?quality=75&amp;auto=webp 600w,https:\/\/static01.nyt.com\/images\/2022\/03\/08\/business\/08Global-Oil-1\/merlin_203480265_58f52c3c-508c-454e-9dcb-801a10c3ecac-jumbo.jpg?quality=75&amp;auto=webp 1024w,https:\/\/static01.nyt.com\/images\/2022\/03\/08\/business\/08Global-Oil-1\/merlin_203480265_58f52c3c-508c-454e-9dcb-801a10c3ecac-superJumbo.jpg?quality=75&amp;auto=webp 2048w\" alt=\"A Rosneft refinery. Russia is the world\u2019s No. 3 oil producer, after the United States and Saudi Arabia.\" \/><\/picture><\/div>\n<\/div>\n<\/div>\n<p><button class=\"css-1vkv6l7 e11si9ry0\" aria-label=\"Expand image captioned A Rosneft refinery. Russia is the world\u2019s No. 3 oil producer, after the United States and Saudi Arabia.\" data-testid=\"photoviewer-expand-button\"><\/button><\/div>\n<\/div>\n<\/div>\n<div class=\"css-1a48zt4 e11si9ry5\" data-testid=\"photoviewer-children\">\n<figure class=\"sizeLarge layoutHorizontal css-1a1lp8y\" role=\"group\" aria-label=\"media\">\n<div class=\"css-bsn42l\"><picture><source srcset=\"https:\/\/static01.nyt.com\/images\/2022\/03\/08\/business\/08Global-Oil-1\/merlin_203480265_58f52c3c-508c-454e-9dcb-801a10c3ecac-mobileMasterAt3x.jpg?quality=75&amp;auto=webp&amp;disable=upscale&amp;width=600\" media=\"(max-width: 599px) and (min-device-pixel-ratio: 3),(max-width: 599px) and (-webkit-min-device-pixel-ratio: 3),(max-width: 599px) and (min-resolution: 3dppx),(max-width: 599px) and (min-resolution: 288dpi)\" \/><source srcset=\"https:\/\/static01.nyt.com\/images\/2022\/03\/08\/business\/08Global-Oil-1\/merlin_203480265_58f52c3c-508c-454e-9dcb-801a10c3ecac-mobileMasterAt3x.jpg?quality=75&amp;auto=webp&amp;disable=upscale&amp;width=1200\" media=\"(max-width: 599px) and (min-device-pixel-ratio: 2),(max-width: 599px) and (-webkit-min-device-pixel-ratio: 2),(max-width: 599px) and (min-resolution: 2dppx),(max-width: 599px) and (min-resolution: 192dpi)\" \/><source srcset=\"https:\/\/static01.nyt.com\/images\/2022\/03\/08\/business\/08Global-Oil-1\/merlin_203480265_58f52c3c-508c-454e-9dcb-801a10c3ecac-mobileMasterAt3x.jpg?quality=75&amp;auto=webp&amp;disable=upscale&amp;width=1800\" media=\"(max-width: 599px) and (min-device-pixel-ratio: 1),(max-width: 599px) and (-webkit-min-device-pixel-ratio: 1),(max-width: 599px) and (min-resolution: 1dppx),(max-width: 599px) and (min-resolution: 96dpi)\" \/><img loading=\"lazy\" decoding=\"async\" class=\"css-rq4mmj\" src=\"https:\/\/static01.nyt.com\/images\/2022\/03\/08\/business\/08Global-Oil-1\/merlin_203480265_58f52c3c-508c-454e-9dcb-801a10c3ecac-articleLarge.jpg?quality=75&amp;auto=webp&amp;disable=upscale\" sizes=\"auto, ((min-width: 600px) and (max-width: 1004px)) 84vw, (min-width: 1005px) 80vw, 100vw\" srcset=\"https:\/\/static01.nyt.com\/images\/2022\/03\/08\/business\/08Global-Oil-1\/merlin_203480265_58f52c3c-508c-454e-9dcb-801a10c3ecac-articleLarge.jpg?quality=75&amp;auto=webp 600w,https:\/\/static01.nyt.com\/images\/2022\/03\/08\/business\/08Global-Oil-1\/merlin_203480265_58f52c3c-508c-454e-9dcb-801a10c3ecac-jumbo.jpg?quality=75&amp;auto=webp 1024w,https:\/\/static01.nyt.com\/images\/2022\/03\/08\/business\/08Global-Oil-1\/merlin_203480265_58f52c3c-508c-454e-9dcb-801a10c3ecac-superJumbo.jpg?quality=75&amp;auto=webp 2048w\" alt=\"A Rosneft refinery. Russia is the world\u2019s No. 3 oil producer, after the United States and Saudi Arabia.\" width=\"600\" height=\"400\" \/><\/picture><\/div><figcaption class=\"css-13o4bnb e1maroi60\"><span class=\"css-16f3y1r e13ogyst0\" aria-hidden=\"true\">A Rosneft refinery. Russia is the world\u2019s No. 3 oil producer, after the United States and Saudi Arabia.<\/span><span class=\"css-cnj6d5 e1z0qqy90\"><span class=\"css-1ly73wi e1tej78p0\">Credit&#8230;<\/span>Andrey Rudakov\/Bloomberg<\/span><\/figcaption><\/figure>\n<\/div>\n<\/div>\n<\/header>\n<section class=\"meteredContent css-1r7ky0e\">\n<div class=\"css-s99gbd StoryBodyCompanionColumn\">\n<div class=\"css-53u6y8\">\n<p class=\"css-g5piaz evys1bk0\">HOUSTON \u2014 Before its forces invaded Ukraine, Russia provided one out of every 10 barrels of oil the world consumed. But as the United States and other customers shun Russian crude, the global oil market faces its greatest upheaval since the Middle East tumult of the 1970s.<\/p>\n<p class=\"css-g5piaz evys1bk0\">An energy price shock will probably last as long as the confrontation goes on, since there are few alternatives to quickly replace Russia\u2019s exports of roughly five million barrels a day.<\/p>\n<p class=\"css-g5piaz evys1bk0\">Oil prices were already rising fast as the world economy emerged from Covid-19 shutdowns and producers stretched to meet growing demand. International oil companies had cut back investment over the last two years.<\/p>\n<p class=\"css-g5piaz evys1bk0\">Now traders are bidding up crude prices to levels not seen in years, expecting that Russia \u2014 one of the top three oil producers, along with the United States and Saudi Arabia \u2014 will be sidelined. With the announcement of the American embargo on Tuesday, prices will probably climb higher, energy analysts say.<\/p>\n<\/div>\n<\/div>\n<div class=\"css-s99gbd StoryBodyCompanionColumn\">\n<div class=\"css-53u6y8\">\n<p class=\"css-g5piaz evys1bk0\">\u201cWe are catastrophically tightening,\u201d said Robert McNally, a former energy adviser to President George W. Bush. \u201cWhat we need right now is countries producing more oil.\u201d<\/p>\n<p class=\"css-g5piaz evys1bk0\">That will not be easy. Only Saudi Arabia, the United Arab Emirates and Kuwait have spare capacity, together a little more than 2.5 million barrels a day. Venezuela and Iran could contribute about 1.5 million barrels a day to the market, but that would require lifting American sanctions against those countries&#8230;<\/p>\n<\/div>\n<\/div>\n<div class=\"css-s99gbd StoryBodyCompanionColumn\">\n<div class=\"css-53u6y8\">\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Loss of Russian Oil Leaves a Void Not Easily Filled, Straining Market Global production will take time to ramp up, so the U.S. and other buyers will chase limited supplies, creating upheaval unseen in decades. A Rosneft refinery. Russia is the world\u2019s No. 3 oil producer, after the United States and Saudi Arabia.Credit&#8230;Andrey Rudakov\/Bloomberg HOUSTON [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[32754,32755,694,3237,11402,21167,821,827],"class_list":["post-62173","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-clifford-krauss","tag-oil-and-gas-market","tag-russia","tag-supply-chains","tag-supply-shortages","tag-the-new-york-times","tag-ukraine","tag-united-states"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=62173"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62173\/revisions"}],"predecessor-version":[{"id":62174,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/62173\/revisions\/62174"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=62173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=62173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=62173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}