OPEC secretary-general: No free capacity to replace Russian oil

Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Mohammad Barkindo during a meeting of the OPEC+ technical committee said that Russia exports oil and oil products in the amount of 7 million barrels per day, and there is no free capacity in the world to replace these volumes, Report informs referring to TASS.

“Obviously, the export of Russian oil and oil products in the amount of more than 7 million barrels per day cannot be taken from anywhere else, there simply is no free capacity. The energy market will definitely feel its potential loss due to sanctions or voluntary restrictions,” the OPEC secretary-general said.

Barkindo also noted that the conflict between Russia and Ukraine has exacerbated the uncertainties in the global market associated with the pandemic.

These geopolitical developments have also marked further economic volatility and heightened risks for both oil and other important commodities, he added.

Both Russia and Ukraine are the world’s key exporters, including essential agricultural products, Barkindo stressed.