EXCLUSIVE: OPEC officials believe a possible European Union ban on oil from its partner Russia would hurt consumers and the group has conveyed its concerns to Brussels, OPEC sources said
Major OPEC members, such as Saudi Arabia and the United Arab Emirates, have tried to navigate a neutral course between the West and Moscow, while OPEC+, a grouping that includes Russia, has steered clear of the Ukraine issue in its policy meetings.
One of the OPEC sources said the group's concerns were made clear to the EU. "They are very well informed," said the source, declining to be identified. "As we have consistently said, nothing is off the table in terms of future sanctions," the EU official said.Oil prices have surged to their highest levels since 2008 on supply concerns arising from events in Ukraine, boosting fuel prices for consumers that were already facing higher inflation as economies recover from the COVID-19 pandemic.
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