Impossible To Replace Russian OilOPEC 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.
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