Business Insider: OPEC has told the EU it's 'nearly impossible' to replace Russian oil cut off by sanctions or boycotts
* OPEC and the EU met on Monday amid pressure on the EU to impose a ban on Russian oil.
* OPEC's Secretary-General Mohammad Barkindo said it would be "nearly impossible" to replace Russian oil.
* Barkindo said the highly volatile market is not based on fundamentals and is out of its control.
The Organization of the Petroleum Exporting Countries (OPEC) has told the European Union that it would be "nearly impossible" to replace Russian oil if supplies are cut off due to sanctions or boycotts, according to reports from Reuters and Bloomberg.
"We could potentially see the loss of more than 7 million barrels per day of Russian oil and other liquids exports, resulting from current and future sanctions or other voluntary actions," said OPEC's Secretary-General Mohammad Barkindo, Reuters reported, citing a copy of his speech.
Read more ....
Update #1: OPEC tells EU it's not possible to replace potential Russian oil supply loss -- Reuters
Update #2: OPEC Tells EU That Russia Oil Crisis Is Beyond Its Control -- Bloomberg
WNU Editor: OPEC is giving the EU a cold dose of reality.
6 comments:
The US and the EU both need to stop the Green Suicide trajectory. Fossil fuels are the foundation of modern economics and civilization. Eco-marxists have installed themselves into power and will happily see the lives and livelihoods of millions of people destroyed if it advances their "progress". We need to vote them out while its still possible.
FILTHY,
NIHILISTS,
R,
Why EU don't ask Biden to reinstall the Trump oil policy which make America auto sufficient and even exporter?
Genuinely astounded at how quickly Biden's foreign policy has turned to disaster on every front. At the end of the day he's just one confused man in diapers but I was told that the "experts" like Blinkin running state would be in control of things anyway. These experts who've spent their entire careers in diplomacy and strategy, but we're somehow worse off now than when we the president was an outsider being actively sabotaged by the bureaucrats in his own admin?
Genuinely tired of reading the news every day, racking up L after L.
EU you’re screwed. Now drop to your knees and beg Putin for forgiveness.
Amen Russ.
If Biden’s term of office ended today he would leave his successor with the worst messes any president left behind. Biden’s got 2.5 years to lengthen his lead.
Post a Comment