A huge portion of Russia’s gross domestic product comes from its oil exports, and nearly 80% of those exports go to Europe. While Europe will suffer in the short term as it moves away from Russian oil, a majority of the pain will be felt by Russia’s oil industry as it attempts to sell to China and India. The focus for both Europe and the United States now will be on promoting domestic energy, whether that is fossil fuels, renewable energy, or nuclear. A quick look at the numbers will show just how intertwined Europe and Russia are, and how the Russians have taken aim at the goose that lays the golden eggs. Here are the numbers, all rough and all changing fast. First, the world consumes about 97 million barrels a day(b/d) of oil. The Russians produce about 11 million b/d. They are big producers. They export about […]