Replacing Russian Oil Supply Shortage Nearly Impossible—OPEC Tells EU

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Replacing Russian Oil Supply Shortage Nearly Impossible—OPEC Tells EU: The Organisation of the Petroleum Exporting Countries (OPEC) has told the European Union (EU) that replacing Russian crude oil lost by an unprecedented possible ban from the region would be nearly impossible.

OPEC Secretary-General, Mr Mohammad Barkindo, said this in a speech at a high-level meeting between OPEC and the EU on Monday.

“We could potentially see the loss of more than 7 million barrels per day (bpd) of Russian oil and other liquids exports, resulting from current and future sanctions or other voluntary actions.

“Considering the current demand outlook, it would be nearly impossible to replace a loss in volumes of this magnitude,” the Secretary-General said.

The EU, like others before it, implored OPEC to increase crude oil output so as to tackle the continued supply constraints from Russia.

OPEC has thus far decided to stick to its agreed-upon oil production hikes of just 400,000 barrels per day on the grounds that the market issues are geopolitical and not fundamental—and therefore beyond OPEC’s control.

The EU has not yet banned imports of Russian oil and gas, but following recent issues revolving around abuse of human rights by the Russian army, this has triggered fresh calls that will make it difficult for President Vladimir Putin to fund the war.

Russia’s crude oil shipments rebounded in the first week of April to the highest level so far this year, with Russia’s Q1 2022 trade surplus hitting record levels as the prices of oil and gas continue to be elevated.

While it has been noted that large Asian buyers such as India and China continue to import oil and gas from Russia, so does the EU because it depends heavily on energy from the country.

Russia is expected to earn $9.6 billion more in April from oil and gas than it did in March despite bans from the United States and the United Kingdom.

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1 Comment

  1. In ukraine,they do have 15 millions of russian speaking or of russian ethnic origin,there are about25 million russian speaking in the old soviet union,there are about 2 million people of russian ethnic origin in France,there are about the same equal number in america or more.The russians are the largest native tongue,inside russia and outside,the second largest european tongue are the german
    now how can the americas or the british imposes sanction on russia and it work ?,now we are seeing putin action to maginalizes the americans infulences in south east asia,and the old soviet unionThis is the plan of putin,to reduces any foeign infulence in backyardsome times the western media write and they do not have any stakes in those area,and some nigerian jounalist will joins this bandwaggon storiesnobody is asking the right questions.when the russia first invaded,they asked ukraine to come for a peace ukrain have apopulation of only 45 million people, and there is noplan to take ukraine capital kiev,and the invaded from south/north and east/west,and when you look at the land mass of ukraine,the russians shown a lot of restain as the could have taken ukraine with 4weeks.putin have organised all those nations in the old soviet union in a mlitary exercise,putin have organised billion of chinese yuan and and india rupees to be injected into the russian financial the russians are presurizing those,who are using their gas for energy, to buy and pays in russian rouble.all these have been done in the last few weeks.
    The west have been having easy for the last500 yrs.this is the first of a series of action against the west,there have been no anti-american sentiment from the Chinese,if the chinese decided to invade taiwan,to re-claim taiwan under chinese soveignity,and the americans decides to supply arms to taiwan or intervene military,whiich i doubt if the americans will do,what ever Mr Biden said,this is the end of areally era,as he is hitting things in the wrong direction

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