Russia has permanently lost its main European oil and gas market and will face a drop in production - IEA

Russia has permanently lost its main European oil and gas market and will face a drop in production - IEA
Photo by Patrick Hendry / Unsplash

And it's true. According to Eurostat, Russian oil supplies to the EU are down 25% y/y. Russia is being replaced by Saudi Arabia and Iraq.

However, it is also clear that breaking the "energy" link between Russia and Europe will be painful for both economies.

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