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Sec-Gen Barkindo: No Spare Capacity To Replace Russian Supply

OPEC

Reuters has quoted OPEC Secretary-General Mohammad Barkindo stating that Russian oil cannot be replaced ahead of the OPEC ministerial tomorrow.

  • Barkindo: 'What is clear is that Russia's oil and other liquids exports of more than 7 million bpd cannot be made up from elsewhere. The spare capacity just does not exist. However, its potential loss, through either sanctions or voluntary actions, is clearly rippling through energy markets.'
  • The group is expected to maintain a modest increase in June production of 432,000 barrels per day despite missing its production target for April.
  • OPEC’s 10 members recorded a shortfall of approximately 214,000 bpd for the month. OPEC claims that force majeure in Libya and underinvestment in Nigeria continue to hinder production.
  • 28th OPEC and non-OPEC Ministerial Meeting will take place tomorrow via videoconference.
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