EU officials have been holding talks in Vienna with OPEC officials amid calls from the group to increase production and as the EU considers potential sanctions on Russian oil, according to Reuters.
“We could see the loss of more than 7 million barrels a day of Russian oil and other fuel exports as a result of current and future sanctions or other voluntary measures,” OPEC Secretary-General Mohammad Barkindo warned. copies of his Reuters speech.
“Given the current demand forecast, it would be almost impossible to replace a volume loss of this magnitude.”
At a meeting with OPEC, the European Union reiterated its request for member states to consider whether they could increase their oil supplies to curb rising prices, a European Commission official told Reuters.
EU officials also stressed that OPEC has a responsibility to keep oil markets balanced, the official said.
During the meeting, the EU said that OPEC could increase its oil production due to its unused capacity, according to an OPEC document seen by Reuters.
However, Barkindo said the current high volatility in the oil market was the result of “non-fundamental factors” outside OPEC’s control, noting that the group of exporting countries would not increase production.
The OPEC + Group, made up of the Organization of the Petroleum Exporting Countries (OPEC) countries and other producers, including Russia, will increase production by about 432,000 barrels per day in May, only on a modest increase in production as part of a gradual reduction in oil prices. production during the worst period of the COVID-19 pandemic.
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