OPEC officials believe that a possible European Union ban on Russian oil imports as part of sanctions against Russia’s invasion of Ukraine would hurt consumers. In fact, according to OPEC sources cited by Reuters, the cartel has transferred these concerns to Brussels.
Major OPEC members, such as Saudi Arabia and the United Arab Emirates, have sought to maintain a neutral stance between the West and Moscow, while OPEC +, a group that also includes Russia, has distanced itself from the Ukraine issue at its meetings. .
The EU, which is heavily dependent on Russian oil, has already imposed tough sanctions on Russia, including a freeze on the central bank’s assets. The Bloc of 27 is now discussing whether and how sanctions could be imposed on Russia’s energy industry.
OPEC officials, including Secretary-General Mohamed Barcido, met with EU Energy Commissioner Kadri Simpson on March 16 to discuss the “special hours” the energy market is going through, the European Commissioner said in a Twitter post.
An OPEC source quoted by Reuters said the cartel’s concerns had been clearly expressed in the EU. “It is fully informed,” said the source, who asked not to be named.
Asked about the March 16 meeting, European officials said: “OPEC has set out its analysis of the situation on the oil market and informed us of its plans for oil production.”
“As we have repeatedly emphasized, nothing is ruled out in terms of future sanctions,” he added.
OPEC headquarters in Vienna did not immediately respond to a request for comment from Reuters.
Source: Capital
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