Oil-producing nations stick to their plan despite Ukraine

Oil-producing nations stick to their plan despite Ukraine

Russia is the world’s third largest producer of oil, behind the United States and Saudi Arabia. It accounts for 8-10% of global oil supply. Europe relies on Russia for nearly 40% of its natural gas. So, given Russia’s crucial position in the global energy market, the US and European Union have, so far, stopped short of imposing sanctions on Russia’s oil and gas industries.

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