Russia Ukraine war, page-33145

Venezuela also had lots of oil: didn't stop their economy imploding. It doesn't matter how much oil you have in the ground if you can't properly finance and maintain the industry (investment, labour, parts and maintenance, insurances). On all of these criteria the Russian oil industry is buggered: investment has frozen completely, there is no labour (Russian men to the front, central Asian labourers all went home), spare parts running critically low. Costs are blowing out, while at the same time they are forced to sell at a massive discount to the market rate. Shipping increasingly difficult - insurance hard to get, record number of tankers sitting full at sea with no destination.