Too early to judge impact of sanctions on Russian oil supplies — OPEC
OPEC Secretary General Haitham Haitham Al Ghais said that China’s oil demand is expected to grow over the year
It is too early to assess the impact of Western sanctions on Russian oil supplies, OPEC Secretary General Haitham Haitham Al Ghais said in an interview with the Sky News Arabia TV Channel.
“Russia is a major player in the energy markets and it is not easy to substitute its production,” Al Ghais said. “It is early to speak about the effect of sanctions on Russian oil supplies,” he noted. “The demand of India and China may offset its expected contraction from the side of developed states,” the OPEC Secretary General said.
China’s oil demand is expected to grow over the year, Al Ghais said. “We expect China will increase oil demand by half a million barrels per day,” he noted, adding that this is due to the lifting of coronavirus-related restrictions.
