There is the supply end of the equation, with truly astounding increases in proven reserves, and not just in the United States, due to the viability of oil shales and fracking.
Then, there is the demand end of the equation, which has been declining precipitously in the United States for several years, now spreading to the Eurozone and China.
The danger in this is in price declines sufficient to render oil shales and fracking cost uncompetitive. Provided, bowever, that this level is not breached, supply is not a problem.
Greece is a problem. Taking them on in the wake of being kicked out of the EU with their entitlement mentality and huge debts is not going to be all that interesting to Russia or much of anyone else for some time. They made their bed and are going to have to lie in it for a while.
Greece will be receiving emergency foreign aid for basic necessities before this all plays out and settles down, imho.
One thing is sure, it is easier and more likely to screw up existing supply and production, than it is to bring new on line.
Greece will be receiving emergency foreign aid for basic necessities before this all plays out and settles down
Agreed, the EU won't help Greece claim the oil from Turkey, Russia will, and has a UN veto so they can make it stick. Russia won't have to bail Greece out, they can just control and profit from the oil. Israel will agree, and get their share as well without the Russian middleman.
The losers are Turkey and EU governments and middlemen, a point not lost on Russia.