Standard Chartered: continuing consumer reluctance to buy from Russia and shortages of capital, equipment, and technology will impact Russian oil output. Russia’s difficulty in marketing its oil is likely to open up a significant supply deficit. Standard Chartered: only OPEC can bridge the big supply deficit. A few days ago, Moscow made good on its threat to weaponize its energy exports in retaliation for Western sanctions by imposing wide-ranging export bans . Alexander Novak, Russia’s deputy prime minister, says his government has the “full right” to “impose an embargo” on gas supplies by halting gas supplies through the Nord Stream 1 pipeline with U.S. and European officials mulling a ban on Russian oil and gas imports. Novak says it would take Europe more than a year to replace the volume of oil it receives from Russia and added that Russia ” knows where we could redirect the volumes to […]