Russia/oil embargo: west would have to cut consumption to cope
The US has proposed an import ban on Russia’s crude and refined oil products. Nearly...
The US has proposed an import ban on Russia’s crude and refined oil products. Nearly half of that country’s oil production of 11mn barrels a day are exports, about 5 percent of world output. How could the US-led coalition of sanctions allies cover the supply shortfall if the embargo goes ahead?
US shale drillers would need to pump more oil in the event of an embargo. Over the next two years, perhaps another 2mn barrels a day could come from this source.
All of the measures possible would still leave sanctions allies with a shortfall. That gap could only be covered in the short term by dialing back demand in response to soaring prices. Longer-term, the only route for the democratic world is to invest heavily in renewables, nuclear energy and liquefied natural gas. History shows it takes years to reduce demand for crude.
Activist investor Carl Icahn exits Occidental Petroleum after nearly three years -WSJ
Carl Icahn exited a big bet on Occidental Petroleum...
Carl Icahn exited a big bet on Occidental Petroleum Corp.OXY selling the last of what was once a roughly 10% stake in the oil-and-gas producer as its shares surge.
Mr. Icahn, who had been cutting the position, in recent days sold the remainder of it, according to a letter he sent to Occidental’s board Sunday. The move brings to a close one of Mr. Icahn’s most dramatic recent clashes, which began when he criticized Occidental for outbidding larger rival Chevron Corp. to strike a $38 billion deal to buy Anadarko Petroleum Corp. in May 2019.
The activist investor’s two representatives on Occidental’s board are also resigning, he said in the letter, as was required by a settlement agreement with the company at the onset of the pandemic.
