Crude oil

Eight years ago in Guyana, an Idaho-sized country on the northern coast of South America, ExxonMobil discovered massive oil reserves. So massive, that it’s speculated that the tiny nation, which is one of the least densely populated countries on the planet, could become the richest country per capita. Estimates indicate that Guyana has around 11 billion barrels of oil equivalent, boosting the nation to the third position in terms of proven oil reserves in the region. To contextualize the enormity of these discoveries, consider that the tiny nation has almost five times more proven oil reserves than Argentina, a country thirteen times larger by land mass. Only Brazil, the fifth largest country, and Venezuela, the country with the largest proven oil reserves, surpass Guyana.

When the European Union finally made the decision to ban 90 percent of Russia’s crude oil imports by the end of the year, the bureaucrats in Brussels were jubilant. The EU’s adoption of oil sanctions was thought be a big blow to Russian President Vladimir Putin, who depends on the revenue generated by his country's oil exports to fund his war in Ukraine. It doesn’t take a genius to figure out why European officials were so thrilled. The EU imported 2.2 million barrels per day of Russian crude last year, amounting to tens of billions of dollars in profits for the Kremlin every month.