The Weaponization of Oil in Numbers
The international response to the drop in Russian supply has been overwhelming, with countries tapping strategic reserves far beyond what’s needed to replace lost barrels.
Strategic Petroleum Reserve storage in Freeport, Texas.
Photographer: Brandon Bell/Getty Images North AmericaWelcome to Elements, our daily energy and commodities newsletter. Today, Bloomberg Opinion’s Javier Blas looks at the impact of the war in Ukraine on global oil balances. Meanwhile, Russia has said it’ll monitor prices of its crude and come up with a set of regulations aimed at counteracting the recent price cap. If you haven’t yet signed up to get Elements sent directly to your inbox, you can do that here.
Russia’s invasion of Ukraine is a multidimensional war. There’s the hideous and bloody military conflict. And there’s the grueling and costly economic battle — fought above all in the energy market. Gas molecules and oil barrels are weapons just as tanks and drones are.