OPEC warns of consequences of sanctions against Russia

Vienna, Apr 12 (Prensa Latina) The secretary general of the Organization of Petroleum Exporting Countries (OPEC), Mohammed Barkindo, warned that the sanctions against Russia could unleash one of the worst oil supply crises in history.

April 12, 2022
10:40

According to sources, Barkindo considered that possible losses in the supply of Russian oil will be impossible to compensate for.

The official said he expects more than seven million barrels of daily losses of Russian crude and other fuel exports due to existing and probable new restrictions against Moscow.

The current fluctuations in the market are caused by non-fundamental factors that are completely out of OPEC’s control, he added.

Russian gas exports currently cover up to 40 percent of European consumption, and by the end of 2022, the executive of the European Union (EU) has directed the member countries to reduce imports from Russia by two thirds.

The problem with fuel in Europe worsened after the application of sanctions to Russia by the West, after the operation launched in the territory of Ukraine.

mh/llp/mem/to/amp