On Monday, European Union officials held a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna. EU bureaucrats called on the group to increase production, as the bloc is considering possible sanctions against Russian oil. However, OPEC did not give the answer that the good people certainly wanted to hear, reports 888.hu.
It was reported that
current and future sanctions against Russia could cause one of the worst oil supply crises of all time and it will be impossible to replace these volumes.
They also indicated that they would not be pumping any more oil.
We could potentially lose more than 7 million barrels per day of Russian oil and other liquids exports as a result of current and future sanctions or other voluntary measures.”
- said OPEC Secretary General Mohammad Barkindo according to Reuters .
Barkindo added,
taking into account the demand outlook, it would be almost impossible to replace a loss of such a large volume.
At the meeting, EU representatives also pointed out that OPEC has a responsibility to ensure balanced oil markets. OPEC has so far resisted calls from the United States and the International Energy Agency to pump more crude to reduce prices, which hit a 14-year high last month after Washington and Brussels imposed sanctions on Moscow following Russia's war in Ukraine.
an Reuters , the EU asked at the meeting that OPEC could provide more production from its reserve capacities. Barkindo "non-fundamental factors" beyond OPEC's control and signaled the group would not produce more oil.
Source: 888.hu
Photo: MAXIM SHEMETOV | Source: REUTERS
