International oil prices have risen, and OPEC said it does not assume obligations that do not belong to it

On Tuesday (April 12), international oil prices climbed as the pressure on energy demand from lockdowns eased, and the Organization of the Petroleum Exporting Countries (OPEC) warned that it was impossible to increase enough production to make up for the lost supply
.

The foreign ministers of a number of EU member states said on Monday (April 11) that the European Commission is drafting proposals
for an oil embargo against Russia.
However, there is currently no agreement
among member states on the embargo on Russian crude oil.

EU member states vary in their dependence on Russian energy, with Germany, the largest economy, ambiguous; Countries such as Bulgaria are almost completely dependent on Russian oil; Hungary has even said it cannot support the oil embargo
.

The United States and Britain have completely banned the import of Russian oil, hoping to cut off Moscow's important source of
revenue.
But making a similar decision would be difficult for the European economy and could push up already quite high energy prices
.

Edward Moya, senior market analyst at OANDA, wrote: "If Russian energy is sanctioned, the oil market will still be vulnerable to major shocks, and this risk remains
.
" Since crude oil inventories are still low, but it is difficult for energy traders to get rid of anti-epidemic containment measures, oil prices will be in a tug-of-war
.
”

The Organization of the Petroleum Exporting Countries (OPEC) has warned that Russian oil and fuel exports could lose about 7 million barrels per day due to sanctions or voluntary refusals, and the resulting shortfall is unlikely to be fully compensated
by other producers to increase production.

OPEC has previously rejected calls
from the United States and the International Energy Agency to increase crude oil production to lower prices.
After Russia invaded Ukraine, Europe and the United States imposed sanctions on Russia, and oil prices hit a 14-year high last month
.

OPEC can use its spare capacity to deliver more production
.
But Secretary-General Barkindu said the current sharp fluctuations in oil prices were the result of "non-fundamental factors" beyond OPEC's control, suggesting the organization would not increase production
.

International Energy Agency (IEA) members plan to release about 240 million barrels of oil over the next six months to help stabilize the market, with the U.
S.
releasing a cumulative 180 million barrels of oil
from inventories at a rate of 1 million barrels per day starting in May.