Russia will likely be shut out permanently from global energy markets once Europe can operate without the country’s oil and gas, energy executives said.
Comments come as the EU edges closer to a phased-in embargo of Russian oil, which the US has already banned.
European countries are also looking to reduce their reliance on Russian natural gas by sourcing it from elsewhere. Liquefied natural gas producers in Australia can help fill demand in Asia once Russia is eventually out of the trade loop, Meg O’Neill, CEO of Woodside Petroleum, said at an energy conference in Brisbane Tuesday, according to the Financial Times. The world won’t allow Russia to return to global markets unless President Putin has a “change of heart,” Kory Judd, director of operations for Chevron”s Australian business said at the Tuesday conference, which is unlikely to happen, he said.
The move has not been an energy move, it was a social move as people have recognized the destructive nature of the conflict, he told the FTSE. The comments come as Europe edges closer than the U.S. and EU edge closer to an oil embargo of its own oil and natural gas embargo of the EU is already banned from global markets.