An organization like OPEC... doesn't make this sort of claim lightly:
OPEC told the European Union on Monday that current and future sanctions on Russia could create one of the worst ever oil supply shocks and it would be impossible to replace those volumes, and signalled it would not pump more.
European Union officials held talks in Vienna with representatives of the Organization of the Petroleum Exporting Countries amid calls for the group to increase output and as the EU considers potential sanctions on Russian oil.
"We could potentially see the loss of more than 7 million barrels per day (bpd) of Russian oil and other liquids exports, resulting from current and future sanctions or other voluntary actions," OPEC Secretary General Mohammad Barkindo said, according to a copy of his speech seen by Reuters.
"Considering the current demand outlook, it would be nearly impossible to replace a loss in volumes of this magnitude."
Outlook in Europe right now:
MAAAAYBE they should have listened to that Bad Orange Man in 2018...
I mean, look, I know that Europe uses markedly less oil per day than the United States, particularly when you factor in the European Union's larger population. So we might reasonably assume that Europe could weather a shock like this well enough.
But you can't simply remove seven million barrels per day from a region's energy consumption and expect it not to make a difference. Things will get harder. Energy will be more expensive. Difficult choices will have to be made.
You'd better figure this out quick, Europe.
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