OPEC has told the EU it's 'nearly impossible' to replace Russian oil cut off by sanctions or boycotts

It would be nearly impossible to replace Russian oil if supplies are cut off due to sanctions or boycotts, according to reports from the Organization of the Petroleum Exporting Countries.

The Secretary-General of the Organization of the Petroleum Exporting Countries said that there could be a loss of more than 7 million barrels per day of Russian oil and other liquids exports.

It would be nearly impossible to replace a loss in volumes of this magnitude, Barkindo told the EU.

The EU is under pressure to impose a ban on Russian oil because of Russian atrocities in the Ukraine war. An official from the European Commission said that the trade bloc called on the group to increase supply.

The EU relies on Russia for 25% of its oil imports, but the trade bloc has banned Russian coal and is considering an oil embargo. The price of oil is up 30% year-to-date due to disrupted trade flows linked to boycotts and sanctions against Russia.

The highly volatile oil market was caused by political factors rather than supply and demand, according to the head of the organization.

These are non-fundamental factors that are out of our control at the organization.

Saudi Arabia, the world's top oil exporter, said last month that the organization would leave politics out of its decision-making.

The country's Energy Minister Prince Abdulaziz said that the culture of the country has been with them.

The organization said last month that it would increase production by about 432,000 barrels per day in May to meet a recovery in demand.