Free Trial

EU-OPEC Meeting Today

ENERGY SECURITY

European Union and OPEC officials will hold talks in Vienna today as the EU explores potential sanctions on Russian oil and OPEC continues to resist calls to hike oil production.

  • OPEC is expected to maintain their modest production increase of 432,000 barrels per day beyond May and has already rejected calls from the United States and the International Energy Agency in hike oil production to cool oil markets.
  • According to Reuters, foreign ministers of Ireland, Lithuania, and the Netherlands have said that the European Commission is 'drafting a proposal for an oil embargo on Russia' ahead of a EU Commission meeting in Luxembourg today.
  • Any plan to sanction or ban Russia oil will receive pushback from EU states with a high dependency on Russian oil but that resistance is beginning to soften as reports of Russia war crimes in Ukraine continue to emerge.
  • Kadri Simson, EU Commissioner for Energy: 'Visiting Austria as part of the EU's energy outreach in the context of Russia's military aggression against Ukraine. I will have a string of meetings including OPEC Secretariat, Energy Commission ministerial, bilateral with IEA, the Austrian minister & more. Stay tuned!'

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.