OPEC: It could be the biggest ever oil supply crisis in history

OPEC: It could be the biggest ever oil supply crisis in history
# 11 April 2022 23:09 (UTC +04:00)

OPEC told the European Union on Monday that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to replace those volumes, and signalled it would not pump more, APA reports citing Arab News.

European Union officials held talks in Vienna with representatives of the Organization of the Petroleum Exporting Countries amid calls for the group to increase output and as the EU considers potential sanctions on Russian oil.

“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,” OPEC Secretary General Mohammad Barkindo said, according to a copy of his speech seen by Reuters.

“Considering the current demand outlook, it would be nearly impossible to replace a loss in volumes of this magnitude.”

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