Russia may make Europe short of oil

Over the next ten years, European countries may face oil shortages, which will make the switch to low-carbon and renewable fuels very necessary in the near future. This was reported by The Guardian, citing a study by the Shift Project analytics center.

Oil production may decline more and faster than European countries can abandon fossil fuels and increase the use of other energy sources. This may cause economic volatility and rising prices.

According to Rystad Energy, a consulting firm in Norway, oil production in Russia and the countries of the former Soviet Union, which provide about 40 percent of Europe’s demand for black gold, has a steady downward trend. Thus, Moscow, not wanting to, could make Europe short of oil.

The situation is complicated by the reduction in oil production in African countries - this source of raw materials makes up more than 10 percent of oil supplies to Europe.

The allocation of funds for investing in raw materials projects is currently slowing down the COVID-19 epidemic. According to analysts, large oil companies in the 2020s will reduce funding for oil products by about a quarter. Thus, the transition to green energy will not only make a significant contribution to solving environmental problems, but also prevent a serious economic downturn in different countries and regions of the world.
  • Photos used: Roy Luck /
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  1. zenion Offline zenion
    zenion (zinovy) 24 June 2020 13: 04
    Maybe, but not satisfied. Lenin wrote that if you offer the capitalist a good price, he will sell the rope on which he will be hanged. If present Russia offers a good price, it’s scary to think about what they’ll do to the people.
  2. Oyo Sarkazmi Offline Oyo Sarkazmi
    Oyo Sarkazmi (Oyo Sarkazmi) 24 June 2020 13: 07
    Just one trifle - with a reduction in oil production, prices for renewable energy sources (wind and sun) will soar 50-100 times. For all the materials from which "renewable sources" are made are made on coal and gas, and ores and semi-finished products are transported thousands of kilometers using gasoline-diesel-fuel oil.
  3. 123 Online 123
    123 (123) 24 June 2020 13: 09
    Anglo-Saxon dreams. laughing Oil ends in Russia, there is only one way out - take shale from behind a puddle. winked
  4. Sergey Latyshev (Serge) 24 June 2020 14: 02
    And where such ..... take.
    Europe is often pushed aside from supplies from Russia, and then "to make Europe a shortage of oil" ... Arabs and others will only clap.
  5. boriz Online boriz
    boriz (boriz) 25 June 2020 10: 31
    It is strange that no one paid attention to the source of this ANALYSIS. Norway.
    Norway, as a source of hydrocarbons in the medium term, has nothing optimistic ahead. Yes, they will soon launch the last oil and gas field, production will increase until 2023 (moreover, more gas than oil). But further - just to provide for themselves.
    Hence the desire to defame Russia.
    Russia, I am sure, will be all right in the future.
    And Norway has a herring in the past, now oil and gas, in the future herring again (this is if the Gulf Stream does not end). No breakthrough technologies, a good life will only be remembered with sadness.