The United States has imposed another round of tougher sanctions on Russian oil, and the Organization of the Petroleum Exporting Countries (OPEC) might continue scaling up oil production to help make up the difference, Kuwait’s oil minister said on Oct. 23. The tougher sanctions come as Russia renews its attacks against Ukraine and delays ceasefire talks despite international pressure to end the war.
Global oil prices rose 5% in response to the news of the new sanctions, according to U.S. News and World Report.
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OPEC has already increased production to meet an additional 2.5% of global oil demand so far this year, and is set to continue scaling up production in the months ahead. Kuwait indicated they could scale up production even further in the face of increasingly tough sanctions on Russia.
Chinese state-owned companies have also paused some purchasing of Russian crude.
