Russia-Ukraine war creating highly volatile oil market, says OPEC - Punch Newspapers

THE ongoing war by Russia in Ukraine is making the global oil market highly volatile, the Organisation Petroleum Exporting Countries declared on Monday.

He said, “We could potentially see the loss of more than seven million barrels per day of Russian oil and other liquids exports, resulting from current and future sanctions or other voluntary actions. “Other gross peak supply losses during the last 60 years were within the range of 1.5 to 4.3mb/d. In 1980-1981, for example, there were losses of 4.1mb/d, with spare capacity at 12.7mb/d and in 1990-1991, we witnessed a loss of approximately 4.3mb/d with spare capacity at 2.5 mb/d.”

Of course ,the war is responsible for the global inflation and rising oil price

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Russia-Ukraine war has severe consequences on global oil market, says Barkindo | TheCableMohammad Barkindo, secretary-general, Organisation of the Petroleum Exporting Countries (OPEC) has said the ongoing Russia-Ukraine war has severe consequences on the global oil market. According to NAN, Barkindo said this OPECSecretariat Of course we all know that but Nigerians do not OPECSecretariat 'Therehence Islamic Northern Nigeria wishful thinking of hegemonically_holding Southern Nigeria to ranson because of Southern oil and resources is henceforth rubbished and diminished. Great EV's (Eletrical powered Veichles) are being manufactured more in developed countries.'✔
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