Reluctance To Buy Russian Crude Could Cause Long-Term Output Problems

A few days ago, Moscow made good on its threat to weaponize its energy exports in retaliation for Western sanctions by imposing wide-ranging export bans.  Alexander Novak, Russia's deputy prime minister, says his government has the "full right" to "impose an embargo" on gas supplies by halting gas supplies through the Nord Stream 1 pipeline with U.S. and European officials mulling a ban on Russian oil and gas imports. Novak says it would take Europe more than a year to replace the volume of oil it receives from Russia and added that Russia…