According to OPEC sources, OPEC is concerned that a prospective European Union embargo on Russian oil imports would harm consumers and has expressed its concerns to the EU.

According to Reuters’ sources, OPEC officials have spoken with EU officials in recent weeks, and OPEC has expressed alarm over a possible EU ban on Russian oil. For years, Russia has been OPEC’s most important non-OPEC partner in the OPEC+ production pact, which has been controlling market supplies for years.

OPEC and its allies have made no official statement on Russia’s war with Ukraine because the organisation does not intervene in politics, make geopolitical remarks, or comment on the rule of law or policies of its members.

Commenting to Reuters, an official at the EU said: “OPEC presented their analysis of the oil market situation and informed us of their plans in terms of oil production.”

Earlier this week, oil prices jumped after EU ministers gathered to discuss the idea of potentially joining the U.S. in banning imports of Russian oil. Ministers, however, failed to agree on whether to punish the Kremlin with an oil embargo. Some small EU members, including Lithuania, pushed for an embargo, but the biggest economy, Germany, was against it.

Despite rising oil prices, the OPEC+ group decided in early March to approve another 400,000 barrels per day (bpd) rise in collective oil output in April.