Sanctions Against Russia Cause Disarray In Global Energy Market - Venezuela's Oil Minister

Sanctions, imposed by the West on Russia for its special military operation in Ukraine, cause disarray in global energy markets, Venezuelan Petroleum Minister Tareck Zaidan El Aissami Maddah said on Wednesday

MEXICO CITY (UrduPoint News / Sputnik - 02nd February, 2023) Sanctions, imposed by the West on Russia for its special military operation in Ukraine, cause disarray in global energy markets, Venezuelan Petroleum Minister Tareck Zaidan El Aissami Maddah said on Wednesday.

"We are observing irrational measures, illegal and in violation of international law, with which the West continues to target countries that are a part of the global energy market and that are balancing it. They are now imposing and announcing new sanctions on Russia, our partner, and member of OPEC+, an important producer of energy, oil, and gas. This is dramatically disrupting the global energy market and throwing it into disarray," the minister told the 47th Meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC+, according to a video posting on his TikTok.

The JMMC meeting, held earlier on Wednesday via teleconferencing, did not recommend adjusting the current parameters of the alliance deal.

The committee includes eight out of the 23 members of OPEC+, namely Russia, Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Algeria, Venezuela, and Kazakhstan.

In May 2020, OPEC+ reduced crude production by 9.7 million barrels per day due to a drop in oil demand caused by the COVID-19 pandemic. In October 2022, OPEC+ unanimously agreed to take 2 million barrels of oil per day off the market, starting in November, in response to uncertainty in global energy markets.

Western countries have been seeking ways to limit Russia's income from oil and gas exports, as well as their dependence on Russian fuel since the country launched a military operation in Ukraine on February 24. On December 5, the European Union placed a price cap of $60 per barrel on Russian crude oil, joined by the G7 nations and Australia.

In late December, Russian President Vladimir Putin signed a decree banning supplies of Russian oil and petroleum products if contracts directly or indirectly provide for a price cap. According to Kremlin spokesman Dmitry Peskov, the Russian president did not consult with OPEC+ allies before signing off on the response measures.