FX.co ★ OPEC: it is almost impossible to replace Russian oil

OPEC decided to express its opinion on the current energy crisis in Europe. Thus, OPEC told the European Union that it would be impossible to fully replace Russian oil.

OPEC Secretary General Mohammad Barkindo warned the EU leaders that “it would be nearly impossible to replace a loss in volumes of this magnitude.” "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," Mohammad Barkindo added. Brussels even asked the cartel to find an alternative solution to the situation. It suggested that OPEC increase oil production by means of its spare capacity. However, Mohammad Barkindo supposes that this measure will hardly improve the situation since “the current highly volatile market was a result of non-fundamental factors outside OPEC's control.”