OPEC Ready To Make Up Oil Deficit After US Sanctions Against Russia

The Gulf and Middle East countries will work.

OPEC is ready to compensate for deficit in the oil market after the U.S. imposed sanctions against Russia if there is demand for it, Kuwaiti Oil Minister Tarek al-Rumi said. He also said oil prices should be expected to rise. He was quoted by the Kuwaiti newspaper Al Anbaa.

The minister noted that the countries affected by the sanctions are likely to redirect their demand for oil toward the Gulf states and the Middle East. According to him, the first signs of this are already visible, and OPEC countries are ready to meet additional demand.

"All OPEC countries are now exporting less than their capacity, and in the event of an increase in demand may return production to previous levels. (...) OPEC is ready to bring back to the market the volumes that were previously withdrawn. We previously cut production by about 1.6 million bpd and we are bringing them back gradually, on a monthly basis. In case of an increase in demand, we are ready to fully restore the previous volumes."

On October 23, the United States and the European Union simultaneously imposed new sanctions against Russia's oil sector - for the first time since Donald Trump returned to the White House.

The largest Russian oil exporters - Lukoil and Rosneft - were subject to the restrictions.

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