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How much the world depends on Russia for oil and gas

How much the world depends on Russia for oil and gas

The European Union (EU) plans to impose a complete ban on Russian oil purchases by the end of this year.

But there is still no consensus among EU members on a halt to Russia’s gas imports.

Prohibition on oil and gas .................
European Commission President Ursula von der Leyen has announced that EU member states will be barred from buying Russian oil after 2022.

However, EU members Hungary and Slovakia will be able to continue buying Russian crude oil by the end of 2023.

Last March, the EU pledged to reduce gas imports by two-thirds in one year. Discussions are going on in the alliance about what else can be done.

The United States has already announced a complete ban on Russian oil, gas and coal imports. The United Kingdom, on the other hand, will gradually cut off oil imports from Russia by the end of this year.

Russia has warned that banning its oil would have catastrophic consequences for world markets.

Russia has almost doubled its monthly income by selling fossil fuels to the EU, despite sanctions. Information provided by the Center for Research on Energy and Clean Air.

Oil and gas prices have risen since the start of the Ukraine war. The EU has been importing about 22 billion euros worth of fossil fuels a month from Russia since the war began. In 2021, however, the EU imported an average of 12 billion euros a month from Russia for fossil fuels.

How much oil does Russia export?
Russia is second only to the United States and Saudi Arabia in oil production. In other words, Russia is the third largest oil producer in the world.

Before the sanctions were announced, about half of Russia’s crude oil exports went to Europe.

In 2020, the Netherlands and Germany are the largest importers of Russian oil daily.

According to the International Energy Agency (IEA), Slovakia accounted for 98 percent of its total oil imports from Russia last year. In the case of Hungary, the rate is 56 percent. The two countries will be given an additional year to find alternative suppliers of oil.

Last year, 6 percent of the UK’s total oil imports came from Russia. In the case of the United States, the rate was 3 percent.

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