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Russia will likely be shut out permanently from global energy markets, top oil execs say
Top execs from Chevron and Woodside Petroleum predicted Russia will be cut off from global energy markets.
Once the EU weans off Russian supplies, Moscow is unlikely to be able to participate again, they said.
"The move has not been an energy move, it's been a social move as people have recognized the destructive nature of the conflict."
The Europeans post-World War II thought there would never be war on European soil again," she said. "I think what has happened is so shocking for them that I think they will not be lulled into complacency.
The comments come as the EU edges closer to a phased-in embargo of Russian oil, which the US has already banned. European countries are also looking to reduce their reliance on Russian natural gas by sourcing it from elsewhere.
Europe isn't the only market that can turn to alternatives to Russian energy. Liquefied natural gas producers in Australia, O'Neill added, can help fill demand in Asia once Russia is eventually out of the trade loop.
The world won't allow Russia to return to global markets unless President Putin has a "change of heart," which is unlikely, according to Kory Judd, director of operations for Chevron's Australian business.
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