Posted on 04/11/2022 3:43:29 PM PDT by Oldeconomybuyer
BRUSSELS/LONDON (Reuters) -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."
The European Union reiterated its call in the meeting for oil-producing countries to look at whether they can increase deliveries to help cool soaring oil prices, a European Commission official told Reuters.
EU representatives also pointed out that OPEC has a responsibility to ensure balanced oil markets, the official said.
(Excerpt) Read more at finance.yahoo.com ...
Why would they pump more? They hate Western peoples and belief systems.
“..They hate Western peoples and belief systems....”
So do the demoncrats.....
If Europe destroys their economies isn’t that a good thing for reducing greenhouse gasses?
The old saying “you made your own bed, now lie in it” comes to mind.
NATO should have worked on a peaceful end to Russia’s invasion instead of using Ukrainians as meat shields and screwing themselves over endless sanctions.
Greta will be cold next winter.
Why would they want to make more money? When oil was $40/bbl (Thank you, President Trump!) they were in a panic because their national economies were falling well short of revenues required for operations.
They may hate Western peoples and belief systems, but they love Western tanks and jet aircraft.
Gee you wudda thought sleepy joe would have planned this out BEFORE he insisted on sanctioning Russian energy. Most incompetent administration ever.
And what "peaceful end" do you think it was possible for NATO or anyone else to negotiate with Putin?
Nothing short of a Nevil Chamberlin-like "go ahead, Hitler, and take Sudetenland" would appease Putin.
Sure. But now they are making top dollar as it is. Why not stick it to the infidels, too?
One of the greatest-ever quotes. Right up there with anything from Marcus Aurelius.
Because it's all about the money. Right now they are getting top dollar for their oil. Greed will eventually take over and the oil will start flowing at higher levels.
LGB FJB!!!
UAE FM meets Lavrov in Moscow, discusses Ukraine conflict and energy security
March 17, 2022
MOSCOW — UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan, met on Thursday with his Russian counterpart Sergey Lavrov in Moscow.
They discussed cooperation between the two countries and ways to enhance the bilateral strategic partnership in various fields.
They exchanged views on key developments and challenges concerning security and stability in the Middle East and Africa.
The two officials also discussed regional and international developments, issues of common concern, and efforts to reach a peaceful solution to the Ukraine conflict.
Abdullah bin Zayed and the Russian Foreign Minister also discussed the stability of global energy and commodities markets, including the global grain supply
Russia has been busy on the diplomatic side during this conflict.
Well their current plan doesn’t appear to be working.
“Everyone has a plan until they get punched in the mouth.” - Mike Tyson
Tom Landry said basically the same thing when he was asked why he did not give rah rah speechs before the game.
This is good for the US. Oil rig count hit 689, up from 432 a year ago. US oil producers are ramping up production and will continue that trend now that OPEC will not supply the demand.
GO TEXAS!
> Why would they pump more? They hate Western peoples and belief systems. <
Right. Most folks in the West (including Americans) have this childlike belief that everyone else likes us, and wants to help us. Nope. The Muslims and the Chinese are smiling at us now. But eventually (and maybe soon) those smiles will turn into a growls.
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