The diversification of energy supplies cannot be done overnight. The US and UK have already banned oil imports from Russia, and although this has not been applied in Europe, we need to factor in the probability that the oil market will remain in deficit this year, as capacity constraints in other oil producing nations cannot fill the gap, whereas additional shale oil investments in the US will take some time to deliver new production and cannot offset the gap from Russia, which controls more than 11 per cent of total oil market supply.