Dr Carole Nakhle, CEO of Crystol Energy, is quoted in this Gulf News Business article on the impact of the Russian invasion of Ukraine on oil prices.
Dr Nakhle explains that the more you go east, the more you see greater dependence on Russia’s energy exports. As such, unlike Germany, the UK can afford to take the US line because they are shielded from Russian exports.
Prices heading up can be quite frightening, but today’s oil importers in the global economy are not the same as they were in the 1970s. If there are greater political gains to be achieved from this, the OECD (Organisation for Economic Co-operation and Development) economies at least can afford higher prices than what we are seeing today.
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