{"id":6159,"date":"2022-04-12T17:48:54","date_gmt":"2022-04-12T17:48:54","guid":{"rendered":"https:\/\/www.africa-press.net\/angola\/all-news\/opec-tells-eu-that-russia-oil-crisis-is-beyond-its-control"},"modified":"2022-04-12T19:30:06","modified_gmt":"2022-04-12T19:30:06","slug":"opec-tells-eu-that-russia-oil-crisis-is-beyond-its-control","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/angola\/all-news\/opec-tells-eu-that-russia-oil-crisis-is-beyond-its-control","title":{"rendered":"OPEC tells EU that Russia oil crisis is beyond its control"},"content":{"rendered":"

Africa-Press – Angola. <\/strong><\/span>OPEC\u2019s top diplomat told European Union officials that the current crisis in global oil markets caused by Russia\u2019s invasion of Ukraine is beyond the group\u2019s control.<\/b><\/p>\n

Russian oil supply losses stemming from current and future sanctions or a boycott by customers could potentially exceed 7 million barrels a day, OPEC Secretary General Mohammad Barkindo said on Monday. That would be far beyond the group\u2019s capacity to replace, he told EU Energy Commissioner Kadri Simson, who had asserted the cartel\u2019s responsibility to balance the market.<\/p>\n

Simson said that the oil-producers group could tap its existing spare output capacity to assist in the crisis, according to an OPEC document seen by Bloomberg. Barkindo said that markets are being swayed by political factors rather than supply and demand, leaving little for the organization to do.<\/p>\n

\u201cThese crises have compounded to create a highly volatile market,\u201d Barkindo said, according to the text of his opening remarks. \u201cI must point out, however, that these are non-fundamental factors that are totally out of our control at OPEC.\u201d<\/p>\n

The two representatives spoke during the regular dialogue between the EU and the Organization of Petroleum Exporting Countries.<\/p>\n

Oil prices continue to trade near $100 a barrel as many refiners shun Russian supplies following the attack on its neighbor. The price rally has bolstered fuels like diesel, adding to the inflationary pressures and cost-of-living crisis hitting many consumers.<\/p>\n

OPEC nations such as Saudi Arabia have rebuffed calls from major consumers like the U.S. to fill in the gap left by Russia. Besides their view of the market, the kingdom and its allies may have other reasons for holding back.<\/p>\n

Riyadh jointly leads an alliance of global producers with Moscow known as OPEC+, and may also be keen to preserve its political ties with the Kremlin, which have helped the Saudis lessen their reliance on the U.S.<\/p>\n

For More News And Analysis About Angola<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Angola. OPEC\u2019s top diplomat told European Union officials that the current crisis in global oil markets caused by Russia\u2019s invasion of Ukraine is beyond the group\u2019s control. Russian oil supply losses stemming from current and future sanctions or a boycott by customers could potentially exceed 7 million barrels a day, OPEC Secretary General […]<\/p>\n","protected":false},"author":84,"featured_media":6158,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,337,329],"class_list":["post-6159","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-angola","tag-angola"],"yoast_head":"\nOPEC tells EU that Russia oil crisis is beyond its control - Angola<\/title>\n<meta name=\"description\" content=\"OPEC\u2019s top diplomat told European Union officials that the current crisis in global oil markets caused by Russia\u2019s in ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/angola\/all-news\/opec-tells-eu-that-russia-oil-crisis-is-beyond-its-control\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OPEC tells EU that Russia oil crisis is beyond its control\" \/>\n<meta property=\"og:description\" content=\"OPEC\u2019s top diplomat told European Union officials that the current crisis in global oil markets caused by Russia\u2019s in ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/angola\/all-news\/opec-tells-eu-that-russia-oil-crisis-is-beyond-its-control\" \/>\n<meta property=\"og:site_name\" content=\"Angola\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-12T17:48:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-12T19:30:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/angola\/sites\/65\/2022\/04\/img-6255d3246c4d6.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"976\" \/>\n\t<meta property=\"og:image:height\" content=\"549\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/opec-tells-eu-that-russia-oil-crisis-is-beyond-its-control#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/opec-tells-eu-that-russia-oil-crisis-is-beyond-its-control\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"OPEC tells EU that Russia oil crisis is beyond its control\",\"datePublished\":\"2022-04-12T17:48:54+00:00\",\"dateModified\":\"2022-04-12T19:30:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/opec-tells-eu-that-russia-oil-crisis-is-beyond-its-control\"},\"wordCount\":335,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/opec-tells-eu-that-russia-oil-crisis-is-beyond-its-control#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/angola\/sites\/65\/2022\/04\/img-6255d3246c4d6.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Angola\",\"Angola\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/angola\/all-news\/opec-tells-eu-that-russia-oil-crisis-is-beyond-its-control#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/angola\/all-news\/opec-tells-eu-that-russia-oil-crisis-is-beyond-its-control\",\"url\":\"https:\/\/www.africa-press.net\/angola\/all-news\/opec-tells-eu-that-russia-oil-crisis-is-beyond-its-control\",\"name\":\"OPEC tells EU that Russia oil crisis is beyond its control - 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