OPEC tells EU of ‘unease’ over proposed Russian oil ban: Report

Logo of OPEC

OPEC officials believe a possible European Union (EU) ban on oil from its partner Russia would hurt consumers and the group has conveyed its concerns to Brussels, OPEC sources said.

Major OPEC members, such as Saudi Arabia and the UAE, have tried to navigate a neutral course between the West and Moscow, while OPEC+, a grouping that includes Russia, has steered clear of the Ukraine issue in its policy meetings.

The EU has already imposed tough sanctions on Russia, including freezing its central bank’s assets. The bloc has been discussing whether and how to put sanctions on Russia’s energy industry.

Earlier, Russian Deputy Prime Minister Alexander Novak that global oil and natural gas markets could crash and energy prices would shoot up in case of sanctions against Russian energy.