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Global macro in 2022/2023

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We are in new terrain, with four problems coming together

Topics

Ukraine | Russia | LNG



Before invading Ukraine, was the world’s biggest exporter of oil, at about 8 million barrels a day. In addition, about a third of Europe’s gas supply came from . There is regret among European leaders about mistakes made in energy policy in the past, where pipelines were built to the Russian oil fields. While is sometimes thought of as a superpower, its gross domestic product (GDP) is of Spain’s size, with strengths in two fields: Natural resources and food. The energy export cash flow is critical to the Russian economy and funds the war in .



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First Published: Sun, June 12 2022. 22:49 IST

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