The Organization of the Petroleum Exporting Countries (OPEC) Secretary-General Mohammed Barkindo stated during the meeting of OPEC+ Technical Committee that Russia exports oil and oil products in the volume of 7 mln bpd and that there is no free capacity in the world to substitute those volumes. This was reported to TASS by a source participating in the May 4 meeting of the technical panel.
"Obviously, the export of Russian oil and petroleum products in the amount of more than 7 million barrels per day cannot come from somewhere else, free capacity simply does not exist. Its potential loss due to sanctions or voluntary restrictions will definitely be felt by the energy market," the OPEC Secretary-General said.
Barkindo also noted that the conflict between Russia and Ukraine has exacerbated pandemic uncertainties in the global market.
These geopolitical events have also marked further economic volatility and heightened risks for both oil and other important commodities, he added. "Both Russia and Ukraine are key global exporters, including essential agricultural commodities," Barkindo stressed.
GSV "Russia - Islamic world"
Photo: EPA/TASS
Based on materials from TASS