‘There’s just no way’: Analysts say alternative supplies wouldn’t be able to fully replace Russian oil

If the U.S. and its allies were to ban Russian energy imports, there wouldn't be any alternatives.

Vandana Hari, founder of energy intelligence firm Vanda Insights, told CNBC that there is no way that Iran and Venezuela could make up for it.

Russia's war in Ukraine shows no sign of abating as the U.S. and its allies consider banning Russian oil and natural gas imports. The price of oil spiked to highs not seen since 2008. Russia could retaliate by cutting natural gas supplies to Europe.

Hari said that some Russian capacity could be replaced.

According to the International Energy Agency, Russia exports 5 million barrels of crude oil per day. Hari said that 2 million could be replaced if the members of the Organization of the Petroleum Exporting Countries were able to stretch themselves to their maximum capacity.

Hari said that a lot of the spare capacity within the organization is also Russian.

She said that the problem is that the production quota system of the organization does not seem to be inclined to do anything like that. The baseline number is the amount of oil a country is allowed to pump.

The leader of the U.S. national sector for energy and natural resources said that OPEC+ has been disciplined about how they return crude to the market.

There are other sources of oil. She told CNBC on Tuesday that it's questionable how quickly they can come online, and the logistics of getting them to where they need to be.

The U.S. is in talks with Venezuela to lift sanctions on its oil as it seeks alternatives to Russia.

Even if the sanctions were lifted, Hari said there would be nothing to offset the disruption in Russian supplies.

Russia is the third largest oil producer after the US and Saudi Arabia. It is the top supplier of natural gas to the European Union and the biggest exporter of crude oil.

The EU has a contingency plan in case Russia cuts off gas supplies to the bloc, the energy chief told CNBC last week. The EU has talked about the need to increase its suppliers, but it has not materialized. The European Commission, the executive arm of the EU, wants to put an end to the dependency on Russia.

CNBC contributed to this report.