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OPEC Tells EU That It Is Not Possible To Replace Russian Oil Supplies

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.



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