OPEC Can't Save The EU From Russian Oil Dependence, But Who Could?

Europe’s strenuous effort to break its dependence on Russian energy isn’t getting any support from the OPEC cartel.

The European Union plans to ban Russian crude oil over the next six months in protest against President Vladimir Putin’s invasion of Ukraine. Yet delegates from the Organization of Petroleum Exporting Countries and its partners are unlikely to replace any supply gap when they gather tomorrow.

Instead, the so-called OPEC+ alliance led by Saudi Arabia will probably ratify plans for a modest production increase for June of 430,000 barrels a day, the officials say. It might be difficult to decide otherwise, given that Russia is a leading member of the coalition.