Oil: OPEC defends Moscow and warns Brussels
With the war in Ukraine, theoil prices exploded(cf.International transport: oil prices fly away and fall back) and threatens the global economy. While the European Union and the United States have launched a series of sanctions against Russia (cf.Russia / Ukraine: European Union sanctions), the Organisation of Petroleum Exporting Countries (Opep) has always maintained its link with Moscow which allows it to claim57% of world oil supply(which would be 35% without Russia).
Officially, geopolitics has no place at the OPEC negotiating table. Indeed, at the last meetings, the war in Ukraine was not mentioned.
The Organisation remains deaf to the call of the large oil-consuming countries that have been calling for an increase in its production for several weeks. On Monday, 11 April, during a meeting with the European Union in Vienna, she said that current and future sanctions against Russia could create one of theworst oil supply shocksand that it would be impossible to replace volumes from Russia.
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