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OPEC Tells EU That Russia Oil Crisis Is Beyond Its Control

  • Commissioner says OPEC could tap its spare output capacity
  • Barkindo says Russia losses could one day exceed 7 million b/d
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OPEC+ Sticks to Gradual Output Hikes

OPEC’s top diplomat told European Union officials that the current crisis in global oil markets caused by Russia’s invasion of Ukraine is beyond the group’s control. 

Russian oil supply losses stemming from current and future sanctions or a boycott by customers could potentially exceed 7 million barrels a day, OPEC Secretary General Mohammad Barkindo said on Monday. That would be far beyond the group’s capacity to replace, he told EU Energy Commissioner Kadri Simson, who had asserted the cartel’s responsibility to balance the market.