by Andrew Ross Sorkin
This is from an email with no link to the column.
In the short term, Russia will most likely have no problem continuing to find buyers for its oil. Buyers in India and China, the world’s biggest oil importer, are already snapping up Russian crude at bargain prices, and flows to these countries are likely to increase, analysts said. The damage of sanctions to Russia’s bottom line has been cushioned by persistently high oil prices.
Kpler, a firm that tracks petroleum shipping, estimates that Russian oil production actually edged up by about 200,000 barrels a day in May to 10.2 million barrels compared with April. Still, that was about 800,000 barrels below February’s daily levels.
Over time, the embargo will cost Russia billions of dollars a year. Russia’s energy industry is poised for a broad downturn once the restrictions kick in, and as major oil companies quit the country and sanctions curb imports of Western technology, The Times’s Stanley Reed writes.