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OPEC Sec Gen Barkindo Sanctions Could Cause 7mbpd Oil Loss

ENERGY SECURITY

OPEC Secretary-General Mohammad Barkindo has told the EU that oil markets could lose 'more than 7 million bpd of Russian oil and other liquids exports as a result of existing and future sanctions or other voluntary action.'

  • Speaking at a meeting today with EU representatives in Luxembourg Barkindo also said 'it's impossible to fully replace Russia exports.'
  • The remarks come as the EU considers additional measures to sanction or embargo Russia oil. Any EU ban would require unanimous consent from EU nations and is therefore unlikely due to Hungary's stated opposition to such a ban.
Political Market NewsPolitical RiskCommoditiesPolitical Risk BulletEnergy BulletsPower Bullets
Political Market NewsPolitical RiskCommoditiesPolitical Risk BulletEnergy BulletsPower Bullets

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