OPEC Secretary General warns of impossibility to replace oil supplies from Russia

Exporting countries do not have free capacity to make up for the export of Russian raw materials in the amount of more than 7 million barrels per day, Muhammad Barkindo said

Muhammad Barkindo (left)

Other countries— oil exporters will not be able to make up for Russian supplies, OPEC Secretary General Mohammed Barkindo said at a meeting of the Joint Technical Committee of OPEC +, quoted by Reuters.

“It is obvious that the export of Russian oil and oil products in the amount of more than 7 million barrels per day cannot be replaced from somewhere else. There are no free capacities,— he said.

The loss of Russian exports will be tangible for the energy market, Barkindo pointed out.

In mid-April, Barkindo already warned the EU that current and future sanctions against Russia could cause serious shocks in the oil market due to the inability to compensate for the missing volume.

The head of the European Commission, Ursula von der Leyen, said that the European Union plans to abandon imports of Russian crude oil within six months, and from petroleum products— by the end of this year. The oil embargo is expected to be part of Brussels' sixth round of sanctions against Moscow.

Reuters and Bloomberg, citing sources, reported that Brussels is also proposing to ban European courts and companies from providing services related to the transportation of Russian raw materials, including in the field of insurance. Bloomberg pointed out that this is an important point, since 95% of tanker liability insurance contracts are carried out through the International Group of Mutual Insurance Associations (Clubs), which is registered in London and must comply with European law.

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In the Kremlin, speaking about the possible refusal of the EU from Russian oil, they warned that this decision would “hit everyone”. At the same time, the United States, which had already refused supplies earlier, will remain as it is and “will feel much better than the Europeans.”

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