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U.S., Europe Closing In on Deal to Cut Demand for Russian Energy

Reuters

OPEC officials tell EU of unease about proposed ban on Russian oil, sources say

OPEC officials believe a possible European Union ban on oil from its partner Russia over the invasion of Ukraine would hurt consumers and the group has conveyed its concerns to Brussels, OPEC sources said. Major OPEC members, such as Saudi Arabia and the United Arab Emirates, 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, which relies heavily on Russian crude, has already imposed tough sanctions on Russia, including freezing its central bank’s assets.

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