The Organization of Petroleum Exporting Countries (OPEC) has warned the European Union that if the EU bans oil imports from Russia, the markets will see a massive increase in prices, much above those already witnessed.
The warning came during a March 16 meeting of OPEC officials which included OPEC Secretary-General Mohammad Barkindo and EU Energy Commissioner Kadri Simson.
Since the start of Russia’s military operation in Ukraine on February 24, oil prices have soared to their highest levels since 2008. This has been made worse by tough economic sanctions imposed by the US and the EU on Moscow.
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As a response to the rising oil prices, Washington and London tried to pressure Saudi Arabia and the United Arab Emirates to increase their oil production in order to mitigate shortages, but those two countries have decided to maintain the production levels already agreed by the OPEC.
Moreover, Saudi Arabia and UAE have chosen to consolidate their relations with Moscow while their ties with the West continue to weaken.
Trying to erase Russia from the commercial map has been expensive for the West, since Russia exercises great influence in the global energy market.
Featured image: Fuel prices in euros at a Shell gas station in Berlin, Germany, March 9, 2022. Photo: EFE
Translation: Orinoco Tribune
OT/GMS/SC
