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what does the chart show oil produced reserves ?

ok just how does the Ukraine conflict take oil out of the market

ok just how does the Ukraine conflict take oil out of the market

every major conflict/war disrupts markets (thanks globalization!) and causes oil prices to spike. hell even minor ones have caused them to spike. people get scared and crazy things can happen in crazy and unpredictable times and markets act in weird and crazy ways during war times.

Russia was also the worlds 2nd largest oil producer in 2020 (behind the US and just ahead of Saudi Arabia). Russia is also the worlds 2nd largest oil exporter behind only Saudi Arabia. Russia exports 11% of all the oil exported in the world. It's a pretty big gap though between number #1 and #2 as the Saudi's exported around $40+ billion more of oil than Russia in 2020. And well, if strict sanctions are going to be imposed on Russia by the US/EU and most of it's allies- then the 2nd largest exporter of oil in the world might not be able to export it's oil to all of these countries. Not sure what the sanctions will be- but if they sanction Russian oil exports- you bet your ass prices will go way up.

https://en.wikipedia.org/wiki/List_of_countries_by_oil_production

https://www.worldstopexports.com/worlds-top-oil-exports-country/

Russia is the #2 foreign oil supplier to the United States behind Canada shockingly. 

https://www.bloomberg.com/news/articles/2021-08-04/russia-captures-no-2-rank-among-foreign-oil-suppliers-to-u-s

EU and China import oil like a couple of gas guzzling whores. EU is at over 14 million barrels per day and China is at over 10.8 million.

Oil prices spiked at market open today and then settled back near where they started.  If say China soaks up Russian oil Europe and the US don't buy, there would be minimal impacts on supply, some supply chain challenges at first.  Right now there is no oil price spike.

The stock market made a remarkable recovery from earlier.

S&P 500 closes 1.5% higher after sharp reversal, as traders shake off Russia's invasion of Ukraine (cnbc.com)
S&P 500 closes 1.5% higher after sharp reversal, as traders shake off Russia's invasion of Ukraine (cnbc.com)

The S&P 500 rose 1.5% to 4,288.70 after dropping more than 2.6% earlier in the session. The Dow Jones Industrial Average added 92.07 points to 33,223.83, erasing an 859-point decline. The Nasdaq Composite ended the session 3.3% higher at 13,473.59, after being down nearly 3.5% at one point in the session.

ukraine giving more fight than originally thought. still a very very likely losing effort on their part, but they aren't being rolled over. at least not yet.

https://www.understandingwar.org/backgrounder/russia-ukraine-warning-update-initial-russian-offensive-campaign-assessment

the link above is from the institute of the study of war. i know next to nothing about that organization except what i just googled. it's an american based think-tank to study military conflict and foreign affairs. it's taken some criticisms for favoring "aggressive foreign policy." i have no idea if that criticism is accurate or not.

but it does have some impressive people on it's board. a couple us generals, for un ambassador, for congressmen, for chief of staff to the vp, among others.

key takeaways from article:

• Ukrainian forces are successfully slowing Russian offensives on all axes of advance other than a Russian breakout from the Crimean Peninsula. Russian failure to ground the Ukrainian air force or cripple Ukrainian command and control is likely enabling these initial Ukrainian successes.
• Ukrainian forces are contesting the Hostomel military airport, 20 km northwest of Kyiv, as of 9:30 pm local time.[3] Russian VDV (Airborne) troops landed at Hostomel and have also failed to capture the Boryspil airport southeast of Kyiv. Ukraine’s contestation of the airport deprives Russian forces of any location to airlift forces onto Kyiv’s western flank overnight.
• Russian forces are rapidly advancing north from Crimea, securing Kherson city. Their deepest penetration to date is about 60 kilometers.
• Russian forces are advancing on Kyiv from Belarus on both sides of the Dnipro River. Russian forces secured the Chernobyl Exclusion Zone (on the west bank) at 7:30 pm local time, but Ukrainian forces have slowed Russian advances east of the Dnipro at Chernihiv.
• Russian forces likely seek to cut off Ukrainian troops on the line of contact in Donbas using an envelopment behind the Ukrainian front lines through Luhansk Oblast. Russian frontal assaults have taken little territory in Donetsk and Luhansk at this time.