EU meets OPEC amid calls for oil output increase

EU meets OPEC amid calls for oil output increase
# 11 April 2022 18:55 (UTC +04:00)

European Union officials will hold talks in Vienna with OPEC representatives on Monday amid calls for the producer group to increase output and as the EU considers potential sanctions on Russian oil, APA reports citing Reuters.

OPEC has resisted calls by the United States and the International Energy Agency to pump more crude to cool prices which reached a 14-year peak last month after Washington and Brussels imposed sanctions on Moscow following its invasion of Ukraine.

OPEC+, which consists of the Organization of Petroleum Exporting Countries and other producers, including Russia, will raise output by about 432,000 barrels per day in May.

The EU-OPEC meeting on Monday afternoon is the latest in a dialogue launched between the two sides in 2005.

Russian oil has been excluded from EU sanctions so far. But after the 27-country bloc agreed last week to sanction Russian coal - its first to target energy supplies - some senior EU officials said oil could be next.

The European Commission is drafting proposals for an oil embargo on Russia, the foreign ministers of Ireland, Lithuania and the Netherlands said on Monday, as they arrived for a meeting with their EU counterparts in Luxembourg.

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