(Reuters) OPEC+ chief Mohammed Barkindo has warned that the world lacks the capacity to replace 7 million barrels a day of oil from Russia as countries move to ban imports.
Barkindo says Russia’s oil is crucial for the global supply, pointing out that no sources can stand for the loss of millions of barrels that comes from the sanctioned country.
The comments by the OPEC+ chief comes the same day that the US is targeting a ban on crude imports from Russia. The US is preparing to act alone even if some European nations step back from the imposition of an oil import ban.
Barkindo says that OPEC and its allies have no control over the impacts of geopolitics and current events in the oil market.
The looming ban has prompted analysts to warn of catastrophic impacts, with Russia’s prime minister warning of a skyrocket in oil prices to up to $300 a barrel.
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