Some analysts assumed that cutting Russian gas exports would force the country to either shut down some production of natural gas or flare it. Satellite data shows that flaring in Russia has declined substantially since it invaded Ukraine, but that doesn’t mean it has shut down wells for good. To deal with seasonal demand, Gazprom had already designed its operations so that it could reduce production and then turn it back on again when needed. When the breakup between Russia and the European Union began earlier this year, one of the reasons for the severity of the EU’s response to Russia’s invasion of Ukraine was the assumption that Russia could not afford for its gas exports to drop. The assumption was an enduring one for oil and gas both. A number of analysts toured the media, arguing that if production at an oil or gas field is suspended, this […]