Russia will likely be shut out permanently from global energy markets, top oil execs say

Russia is Europe's largest oil supplier.Getty Images
Top executives at Chevron and Woodside Petroleum predicted Russia would be cut off from global energy markets.
Once the EU stops Russian supplies, Moscow is unlikely to be able to participate, they said.
"The move was not an energy move, it was a social move as people recognized the destructive nature of the conflict."
Russia is likely to be permanently locked out of global energy markets once Europe can operate without the country's oil and gas, top energy executives have said.
The European Union's determination to wean itself off Russian supplies is "firm", Meg O'Neill, CEO of Australia's Woodside Petroleum, told the Financial Times on Tuesday at an energy conference in Brisbane.
"Europeans after World War II thought there would never be war on European soil again," she said. "I think what happened is so shocking to them that I don't think they will be complacent about sourcing energy from Russia in the future."
The comments come as the EU moves closer to a phased embargo on Russian oil, which the US has already banned. European countries are also trying to reduce their dependence on Russian natural gas by sourcing it elsewhere.
Europe is not the only market that can turn to alternatives to Russian energy. LNG producers in Australia, O'Neill added, could help meet demand in Asia once Russia is off the trade circuit.
The world will not allow Russia to return to global markets unless President Putin has a "change of heart," which Kory Judd, chief operating officer of Chevron's Australian business, says is unlikely.
"There would have to be some moral transition," Judd said at Tuesday's conference. “The move was not an energy move, it was a social move as people recognized the destructive nature of the conflict. So I suspect that with a quick change of heart and more responsible action, there could be reintegration. "
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