 |
Louisiana Light • 2 days | 71.80 | -1.73 | -2.35% | ||
|
Bonny Light • 22 hours | 72.36 | -1.43 | -1.94% | ||
|
Opec Basket • 2 days | 75.19 | -1.69 | -2.20% | ||
|
Mars US • 5 hours | 67.49 | -1.72 | -2.49% | ||
|
Gasoline • 8 hours | 2.560 | -0.036 | -1.39% |
|
Bonny Light • 22 hours | 72.36 | -1.43 | -1.94% | ||
|
Girassol • 22 hours | 74.10 | -1.27 | -1.69% | ||
|
Opec Basket • 2 days | 75.19 | -1.69 | -2.20% |
|
Peace Sour • 21 hours | 63.71 | -3.21 | -4.80% | ||
|
Light Sour Blend • 21 hours | 65.01 | -3.21 | -4.71% | ||
|
Syncrude Sweet Premium • 21 hours | 73.96 | -3.21 | -4.16% | ||
|
Central Alberta • 21 hours | 63.31 | -3.21 | -4.83% |
|
Eagle Ford • 2 days | 65.94 | -3.21 | -4.64% | ||
|
Oklahoma Sweet • 2 days | 66.00 | -3.25 | -4.69% | ||
|
Kansas Common • 2 days | 59.75 | -3.25 | -5.16% | ||
|
Buena Vista • 9 days | 76.15 | -1.09 | -1.41% |
Breaking News:
Revamped Soviet-Era Pipelines To Ship Russian Gas To Uzbekistan
In order to ease its…
Goldman And Others Sees Rising Odds Of Another OPEC+ Output Cut
The real driver behind the…
OPEC Warns The EU That Replacing Russian Oil Will Be “Nearly Impossible”
Replacing Russian crude oil lost by a possible ban from the EU would be nearly impossible, OPEC Secretary General Mohammad Barkindo said today in a speech at a high-level meeting between OPEC and the EU was seen by Reuters.
OPEC wasn't sugar-coating the harsh realities of the oil supply situation should the EU choose to ban imports of Russian crude oil in response to Russian President Vladimir Putin's invasion of Ukraine.
"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. Considering the current demand outlook, it would be nearly impossible to replace a loss in volumes of this magnitude," the Secretary General said.
The EU, like others before it, implored OPEC to increase crude oil output. OPEC has thus far decided to stick to its agreed-upon oil production hikes of just 400,000 bpd on the grounds that the market issues are geopolitical and not fundamental—and therefore beyond OPEC's control.
The EU has not yet banned imports of Russian oil and gas, but new humanitarian rights issues have triggered an increased fervor in replacing potentially banned Russian barrels in an effort to choke off Russia's income stream.
Russia's crude oil shipments rebounded in the first week of April to the highest level so far this year, with Russia's Q1 trade surplus hitting record levels as the prices of oil and gas continue to be elevated. While it has been noted that large Asian buyers such as India and China continue to import oil and gas from Russia, so does the EU.
Russia expects to earn $9.6 billion more in April from oil and gas than it did in March.
By Julianne Geiger for Oilprice.com
ADVERTISEMENT
More Top Reads From Oilprice.com:
- EU-OPEC Meet As Europe Discusses Russian Oil Embargo
- Brent Falls Below $100, Erasing Ukraine War Gains
- The West Is Suffering The Consequences Of Poor Energy Decisions
Julianne Geiger
Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
Related posts
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
Moreover, OPEC+ told the EU bluntly that it is impossible now or even in the future to replace 8.0 million barrels a day (mbd) of Russian oil and products exports or even part of them.
The EU will remain dependent on Russian gas and oil supplies well into the future.
Dr Mamdouh G Salameh
International Oil Economist
Visiting Professor of Energy Economics at ESCP Europe Business School, London
It's our lack of greed that's known.
Time for the world to kickstart Alberta for a change.