It is amazing how retarded these people are. The global oil demand was rising since the West ended the lockdowns are they started forcing people back to work. Global oil production is basically stable. So what do they think will happen? The lockdowns in China and the price increases will crush demand and kill the economic recovery at least in the short term. But is that something to crow about? How retarded. So Europe buys more oil from the Middle East. Great. And the people who used to buy oil from the Middle East, like India, will be buying from who exactly? I have to give credit to the Indians, since at least they have seen this for what it will be and started to rush buying Russian oil.
Consider the extreme difficulty the US had convincing India and China to cut Iranian oil purchases. Well Iran exports about half the oil that Russia does. The Iranian oil wasn't completely cut out of the market. China was basically buying it under the radar. And they expect Russian oil to drop out of the market completely? Idiots.
At the same time Europe is forcing their oil majors like BP, Shell, and Total to leave the Russian market and basically write off their investments and some of the leaders are pushing for them to take a cut on profits to reduce oil price at the pump. So who will be funding all this extra energy capacity they will be needing?