Russia will have to shut in some oil production due to the fact that its crude has become toxic for many global players and its output will remain depressed for at least three years
Russia has responded to international sanctions by suspending the export of more than 200 products, although crude oil, natural gas, and coal were all notably absent from that list
When Congress lifted the export ban on U.S. crude oil in December of 2015 to allow for exports beginning in 2016, the oil industry celebrated. However, looking back at the impact of lifting the 40-year-old ban, it appears the move has helped hasten the financial demise of the U.S. oil industry while also increasing the industry’s huge contribution to climate change. In many