No Capacity In The World Can Replace Russia's Oil Supply: OPEC Chief

"There is no capacity in the world that could replace 7 million barrels per day," OPEC chief Mohammed Barkindo told reporters at the Ceraweek conference.

As a result of Russia's war on Ukraine, the US is considering banning its oil imports, while there are fears that Russia will reroute its volumes in response to Western sanctions. That has prompted debate about whether there are alternatives to Russian oil on deck.

Brent crude was last up to 1.7% at $125.15 a barrel on Tuesday, rising for the 3rd straight day after hitting $139.13 a barrel the previous session. WTI moved up 2.8% Tuesday.

"We have no control over current events, geopolitics, and this is dictating the pace of the market," he said.

Meanwhile, market analysts have said that oil buyers and refiners have been "self-sanctioning" — staying clear of Russian supplies and looking for alternatives.

Reputed media channel reported that the US is willing to act alone on a ban on Russian oil imports if its European allies step back.

But Germany's leader, Chancellor Olaf Scholz, said Russian energy was "of essential importance" to the daily life of its citizens, as he cautioned against the move.

"A rejection of Russian oil would lead to catastrophic consequences for the global market," Alexander Novak said on state television Monday.