Ryanair CEO says greater Western oil production ‘hits Russia hardest’

Ryanair's CE has said that the most effective way to target Russia amid its ongoing onslaught of Ukraine is to ramp up oil production in the West. Michael O’Leary said that Russia — one of the world’s largest energy producers — is benefiting from soaring oil and gas prices as supply fears bite in an already tight market. Further production from Western countries would reduce their reliance on Russia — particularly in Europe, which derives 40% of its oil and gas from the country — and weaken the energy markets on which Russia’s economy strongly depends. “The most important thing that we in the West can do is drive up oil production, because what hits Russia hardest is low oil prices and low gas prices,” O’Leary said. Russia’s economy has already been hard hit by Western sanctions, with markets slipping into freefall and the Russian ruble tumbling almost 30% against the dollar. But so far it has done little to deter President Vladimir Putin’s resolve to seize control of Ukraine. Global energy markets, meanwhile, have rallied amid concerns over further disruption to the oil and gas pipelines which carry Russian products through Ukraine, and some have accused Putin of trying to weaponize the West’s reliance on its hefty energy supplies.<br/>