Russia normally exports 5m barrels of oil a day. Sanctions may now see Ukraine-supporting nations refuse to buy 3m of them. Can those nations cut their consumption by the same amount, immediately, and stop shortages and further price rises? Yes, says Lucas Davis at the Haas School of Business. Following the Russia-Ukraine crisis, the IEA has released a report “A 10-Point Plan to Cut Oil Use”, with ten ideas for immediate actions in advanced … [Read more...]