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• The group says it would be impossible to replace volumes of sanctioned Russian oil
The Organization of the Petroleum Exporting Countries told the European Union on Monday it would be impossible to replace volumes of sanctioned Russian oil.
European Union officials and OPEC representatives met in Vienna as Europe considers putting sanctions on oil imports from Russia.
The EU expects the OPEC members to pump more oil in order to replace the Russian oil European nations depends on.
"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, reported Reuters.
"Considering the current demand outlook, it would be nearly impossible to replace a loss in volumes of this magnitude."
Last month, oil prices reached a 14-year high after Washington and Brussels imposed sanctions on Russia.
EU, which recently imposed new sanctions on Russia including import ban on all forms of Russian coal, has refrained from banning oil imports from the country.
In May, the OPEC+ will increase output by about 432,000 barrels per day after the output cuts imposed by the group due to Covid-19 pandemic.
Picture Credits: Reuters