That was the assessment given at a recent Council of Forest Industries (COFI) conference by Robert Johnston, special adviser on energy, climate and resources for the Eurasia Group, a political risk consulting firm.
Russia produces about 10 per cent of the world’s crude oil and supplies Europe with about 40 per cent of its natural gas. While spiking oil prices have been stabilized somewhat by the release of strategic oil reserves and by covid-19 lockdowns in China muting demand, high prices for oil, gasoline and diesel will continue for the foreseeable future.
“Get used to $100-a-barrel oil prices,” Johnston said. “That’s not going to go away any time soon.”Â
Russia has cut natural gas exports to Poland and Bulgaria, and Germany is scrambling to reduce its reliance on Russian gas. U.S. liquefied natural gas (LNG) producers are shifting exports to Europe, and some western Canadian natural gas is already making its way…
