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OPEC Tells EU That Russia Oil Crisis Is Beyond Its Control

Monday, April 11, 2022 | Tag Cloud Tags: EU, Euro, Europe, European Union, ISIS, News, oil, PLO, Russia, sanctions, UK, Ukraine, Worthy News | Learn about our FREE SYNDICATION Service | Get the Worthy Brief by email! | Printer Friendly

(Worthy News) – OPEC’s top diplomat told European Union officials that the current crisis in global oil markets caused by Russia’s invasion of Ukraine is beyond the group’s control.

Russian oil supply losses stemming from current and future sanctions or a boycott by customers could potentially exceed 7 million barrels a day, OPEC Secretary General Mohammad Barkindo said on Monday. That would be far beyond the group’s capacity to replace, he told EU Energy Commissioner Kadri Simson, who had asserted the cartel’s responsibility to balance the market.

Simson said that the oil-producers group could tap its existing spare output capacity to assist in the crisis, according to an OPEC document seen by Bloomberg. Barkindo said that markets are being swayed by political factors rather than supply and demand, leaving little for the organization to do. [ Source: Reuters (Read More…) ]

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