From WSJopinion: The Russian ruler quotes Milton Friedman, but cuts in oil production could harm Russia and its allies, writes Daniel Yergin
Journal Editorial Report: An election standoff means the battles will resume. Images: Reuters/AP Composite: Mark KellyEurope’s ban on Russian oil, combined with the U.S.-generated “cap” on Russian oil prices, marks the end of the global oil market. In its place is a partitioned market whose borders are shaped by not only economics and logistics but also geopolitical strategy.
The oil market became truly global only three decades ago with the collapse of both the Soviet Union and the barriers created during the Bolshevik Revolution a century earlier. That coincided with the economic rise of China, which turned an energy self-sufficient albeit poor country into the world’s largest importer of oil.
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