Sir, – Correspondents note the desire not to use Russian oil and thereby starve the war machine of funds. It must be remembered that oil is essentially fungible; as as long as China and India buy Russian oil, Russia will have revenues. Therefore the objective should be to reduce the global benchmark crude price (by demand reduction and increased supply) and also to widen the discount at which Russian oil grades trade relative to this benchmark.
This can be done by deterring Western oil tankers from taking Russian crude or by imposing a levy on Russian oil which means that the international market remains well supplied but oil traders pay Putin even less for his oil.
Unfortunately most oil resources are in undemocratic and unstable countries. Others, such as Canadian oil deposits, are particularly carbon intense due the extra processing required; the logical step should be for Ireland to allow lifting of offshore oil and gas but put demand reduction measures in place (such as forbidding oversize SUVs from on-street parking). Banning local oil production while allowing importation from all over the world is like banning sugar beet production to combat Irish obesity – illogical and futile. – Yours, etc,
MATTHEW GLOVER,
Lucan,
Co Dublin.