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EU Stumbles Over Russian Oil Slick by M. K. Bhadrakumar

The European Union officials are insisting that oil sanctions against Russia are coming. On Sunday, France’s Ecological Transition Minister Barbara Pompili was certain that “we will reach (an agreement) by the end of the week.” But the Organisation of Petroleum Exporting Countries (OPEC) has warned EU that it would be impossible to replace more than 7 million barrels per day (bpd) of Russian oil and other liquids exports potentially lost due to sanctions or voluntary actions.
The fine print here is that the Western entreaties on OPEC to increase oil production is falling on deaf ears not so much due to diplomatic recalcitrance as the group’s genuine inability to implement higher hikes due to under-investment in oil and gas ventures that has left some Opec+ members with dwindling spare capacity (with the exception of Saudi Arabia and the UAE.) In fact, in March, OPEC+ production production recorded a decline for the first time in 13 months and is currently around 1.48mn b/d under the coalition’s quota system.

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One Reply to “EU Stumbles Over Russian Oil Slick by M. K. Bhadrakumar

  1. A con job Bottom line the earth constantly is manufacturing oil from the grinding if tectonic plates It’s like sweat.
    The green Re evaluation of centralised control, over power and glory, requires the removal of the existing oil and gas suppliers wealth and income from natural resources and replacement by rival nations using un natural resources like repulsive hateful wind farms
    Uts purely pilitical disguised as environmental caring and compassion from a place of love of Nature and God’s Creation.Hahahaha

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