Drilling Down: Oil Production Scenarios Across Countries

The European Union’s plans for a phased ban on Russian oil imports leaves a sizeable hole in global supply. This comes as price inflation has kept crude above US$100/barrel in a world seeking to end its reliance on Russian oil. Energy executives and analysts, highlighting anxiety over supply risks, had already noted in the weeks following bans by the United States and United Kingdom that more than 1 million barrels a day of Russian crude exports had “gone missing” as some tankers went dark—possibly avoiding radar systems to skirt sanctions.