Despite efforts by Western countries to spare the energy sector from economic sanctions against Russia, the country’s oil supply has been left hanging in the balance as importers — including those in the US — put orders on hold as they seek other sources, potentially threatening the global energy supply.
Russia is the second-largest crude exporter in the world next to the US, shipping about 5 million barrels per day (bpd) of crude, accounting for about 12% of global trade, according to the International Energy Agency.
