The Organisation of Petroleum Exporting Countries and its partners in OPEC+ led by Russia decided this week they would not increase their target production figure for next month. Effectively, OPEC+ slapped the EU in the face, as this decision means no additional oil is coming to Europe to replace sanctioned Russian barrels. The European Commission earlier this week proposed an oil embargo on Russian crude oil and refined products as part of the sixth sanction package being discussed by the EU. The crude oil embargo, EC President Ursual von der…
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