The oil prices rose on Tuesday as Russian crude and gas condensate production fell to their lowest level since 2020, and the OPEC warned that it will be impossible for him to replace the possible losses of supply of Russia.
The futures of Brent Crude they rose $6.16, or 6.26%, to $104.64 a barrel. The West Texas Intermediate American (WTI) gained $6.31, or 6.69%, to $100,609. On Monday, both contracts had fallen about 4 percent.
Russian oil and gas condensate production fell below 10 million barrels per day (bpd) on Monday, its lowest level since July 2020, two sources familiar with the data said on Tuesday, as sanctions and logistical constraints hampered trade.
The sources said Russia’s average oil production fell more than 6% to 10.32 million bpd from April 1 to 11, from 11.01 million in March.
The Organization of the Petroleum Exporting Countries (OPEC) warned that it would be impossible to replace the 7 million bpd of Russian exports of oil and other liquids that would be lost in the event of sanctions or voluntary actions.
The European Union it has not yet agreed to an embargo on Russian oil, but some foreign ministers said the option is on the table.
“The oil market remains vulnerable to a major shock if Russian energy is sanctioned, and that risk remains on the table,” wrote Edward Moya, market analyst at OANDA.
The member countries of the IEA they plan to release 240 million barrels over the next six months beginning in May in an effort to calm the market.