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  1. Mar 2022
    1. Putin does not need to turn the taps completely off to punish the West. Oil markets are so tight that just a modest decrease in supplies from Russia could have a large impact on prices."Even if Russia cut supplies by 10% to 20%, the price response would compensate Russia for the loss of supply," said Rabobank's Fitzmaurice.

      ...Hence, even cutting a small amount to the West would “hurt” it, but not Putin.