President Joe Biden announced a U.S. ban on Russian oil imports on Tuesday. OPEC’s Mohammed Barkindo previously warned that OPEC can’t offset bans on Russian oil by ramping up production.
That was OPEC Secretary General Mohammed Barkindo talking to reporters about potential bans on Russian oil imports during an energy industry conference on Monday.
And he downplayed OPEC’s ability to ramp up oil production to offset bans on Russian oil. “We have no control over current events, geopolitics, and this is dictating the pace of the market,” he said. “We’re banning all imports of Russian oil and gas and energy,” Biden said in remarks from the White House on Tuesday. “That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin’s war machine.” This includes Russian oil, liquefied natural gas and coal.
But Matt Smith, lead oil analyst for the Americas at data firm Kpler, previously told MarketWatch that the move may not necessarily lead to a sudden price increase for Americans.
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