Recent research by European energy consultancy Rystad reveals a significant shift in Western Europe’s reliance on Russian oil, marking a departure from previous norms due to sanctions and geopolitical developments following the Ukraine invasion.
According to Jorge Leon, Rystad’s senior vice president for oil markets, the resilience of the energy system has surprised many observers. He remarked, “Just before the war, the notion of ceasing direct oil and gas imports from Russia would have seemed absurd. However, it’s largely become a reality.”
Reported by The Telegraph, this transition signals Western Europe’s emancipation from Russian energy dominance. Leon emphasized that investments in new projects from countries like Brazil, Argentina, Canada, and Norway have played a crucial role in this shift, offering alternative sources that have, in a sense, “saved” the region from dependency on Russian resources.
