The European Commission has outlined a new energy roadmap designed to cut reliance on Russian gas by two thirds in just a year. According to the plan REPowerEU , ending reliance on all Russian fossil fuels "well before" 2030. In the short term, gas should be sourced from the US and Africa while some countries may need to use more coal in the months ahead.
The EU also proposes a massive ramping up of renewables, biogas and hydrogen.
In addition, U.S. President Joe Biden on Tuesday imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine.
In terms of crude oil imports, currently the EU's dependence on Russia is quite high, 27% of the total volume of imported oil comes from the Russian Federation, 9% - Iraq, 8-8% - Norway and the U.S, 7.9% - Nigeria, 7.8% - Saudi Arabia, 7.5% - Kazakhstan.
The exact details of the EU action plan are not known yet, although it is likely that the Union will increase energy imports from other major trading partners.
List of Countries With World’s Largest Oil reserves:
1. Venezuela - 299 billion barrels, 18.2% of global volume;
2. Saudi Arabia - 266 billion barrels, 16.2%;
3. Canada - 170 billion barrels, 10.4%;
4. Iran - 157 billion barrels, 9.5%;
5. Iraq - 143 billion barrels, 8.7%;
6. Kuwait - 101 billion barrels, 6.1%;
7. United Arab Emirates - 97 billion barrels, 5.9%;
8. Russia - 80 billion barrels, 4.8%;
9. Libya - 48 billion barrels, 2.9%;
10. Nigeria - 37 billion barrels, 2.2%;
11. US - 35 billion barrels, 2.1%;
12. Kazakhstan - 30 billion barrels, 1.8%;
13. Qatar - 25 billion barrels, 1.5%;
14. China - 25 billion barrels, 1.5%;
15. Brazil - 16 billion barrels, 1.0%.
