Andrei Liakhov writes: Heavily dependent on one supplier and inefficient, Ukraine will suffer the consequences of an oil price spike more than the rest of Europe.Since the late 1980s, it has been clear to most experts that the only way for oil prices is up, up and up again. The reasons for this trend lie primarily in the combination of such diverse factors as decreasing investment into exploration, dropping numbers of oilmen worldwide, lack of modern offshore drilling rigs and lack of easy oil.

The majority of new finds either have very complicated geological characteristics, are located in difficult areas or require innovative extraction techniques like oil sands.