OPEC has no data on the impact of anti-Russian sanctions on the oil market

DOHA, 7 Oct – PRIME. The Organization of the Petroleum Exporting Countries (OPEC) does not yet know how the European Union’s (EU) anti-Russian sanctions, including the proposed oil price ceiling from the Russian Federation, will affect the global oil market, OPEC Secretary General Haytham al-Ghais said on Friday.

“The nature of the proposed sanctions is completely unclear, the mechanism for their implementation is also unclear. For this reason, we cannot comment on anything. All analysts and observers expect more details about the mechanism for implementing the sanctions,” he told Al-Arabiya TV channel.

The European Union has agreed on the eighth package of sanctions against Russia, which comes into force on Friday. It includes a legislative framework to establish a price ceiling for the sea transportation of Russian oil and impose further restrictions on the transportation of crude oil and petroleum products. It is planned that the price limit will be introduced on December 5 for oil and on February 5, 2023 for oil products.