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EU meets OPEC: increased oil production required

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EU officials will hold talks in Vienna today with OPE representativesC, among the appeals to the producer group: an increase in crude oil production. Meanwhile, the EU still considers potential sanctions on oil imports from Russia.

OPEC resisted calls from the U.S. and the International Energy Agency to pump more crude oil to cool prices that peaked in 14 years last month after Washington And Brussels they imposed sanctions on Moscow following the invasion of Ukraine.

OPEC + which includes the Organization of Petroleum Exporting Countries and other producers, including Russia, it will increase production by approximately 432,000 barrels per day in May.

The EU-OPEC meeting this afternoon is the latest in a dialogue initiated between the two sides in 2005.

Russian oil embargo

After the 27-country bloc agreed last week to sanction Russian coal, the first to be targeted, some senior EU officials said oil could be next. So far Russian oil has been excluded from EU sanctions.

The European Commission is preparing proposals for an oil embargo on RussiaForeign ministers from Ireland, Lithuania and the Netherlands, who arrived for a meeting with their EU counterparts in Luxembourg, said Monday.

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Australia, Canada And United Stateswhich are less dependent on Russian supplies than Europe, have already banned purchases of Russian oil.

EU countries are divided on whether to follow suit, given their greater dependence and the potential for further increases in energy prices in Europe.

The EU expects its oil consumption to decline by 30% by 2030compared to 2015 levels, as part of its planned policies to combat climate change, although in the short term an embargo would spark a rush to replace Russian oil with alternative supplies.

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