Depleting your oil ‘savings account’ might not be the wisest idea when you are both one of the largest consumers of oil in the world and not one of the largest producers.
Oil prices are on the brink of possibly their biggest correction since the global financial crisis after Vladimir Putin’s gamble to use Russia’s crude as a political weapon backfired spectacularly on the Kremlin.
A potent energy superpower, Russia had thought that it could use its status as the world’s largest oil producer and biggest exporter of natural gas through cross-border pipelines to intimidate and quite literally bully Western powers into submission over Ukraine. Continue reading
Global Geopolitics 