I am pretty sure there will be no Russian withdrawal unless somebody takes Vlad down. The other possibility is that the US and others do the right thing and stop buying Russian oil, which could send the POO a lot higher.
Regardless of events in Ukraine there was upwards pressure on oil and gas , particularly LNG , before the Russian invasion . This was largely due to much of the world reducing oil exploration and few if any big discoveries being developed , whilst at the same time renewables just not delivering reliable energy.
Woodside (WPL) Strategic Valuation, page-155
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