OPEC Secretary General: no spare capacity globally to replace Russian oil

OPEC Secretary General: no spare capacity globally to replace Russian oil

OPEC Secretary-General Mohammed Barkindo said at the meeting of the OPEC+ Joint Technical Committee that Russia is exporting oil and oil products of 7 mln barrels per day and the world does not have the spare capacity to replace these volumes, a source participating in the meeting told TASS.

"From the oil market perspective, however, what is clear is that Russia’s oil and other liquids exports of more than 7 million barrels daily cannot be made up from elsewhere. The spare capacity just does not exist. However, its potential loss, through either sanctions or voluntary actions, is clearly rippling through energy markets," Barkindo said.

The conflict between Russia and Ukraine intensified global market uncertainties related to the COVID-19 pandemic, the OPEC Secretary General said. "It has heralded in further economic volatility, elevated risk premiums for oil, as well as many other essential commodities, given that both the Russian Federation and Ukraine are key global exporters, including of essential agricultural goods," he added.

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