"Currently the company's operations and business in Russia are largely running smooth and there are no signs of asset impairment," Sinopec's President Yu Baocai told investors and reporters during a call following its 2021 earnings release.

Brent fell 46 cents, or 0.4%, to $118.57 a barrel, WTI ell 47 cents, or 0.4%, to $111.87 a barrel.

OPEC has told the EU that global energy markets would be destabilized if European countries follow through with a threat to ban imports of Russian oil,

In a circular carried by state-run Saudi Press Agency, the cabinet stressed "the importance of the essential role of the OPEC+ agreement in the balance and stability of oil markets."

The price of OPEC basket of thirteen crudes stood at $116.94 a barrel on Wednesday,

The price of OPEC basket of thirteen crudes stood at $104.96 a barrel on Thursday, compared with $104.06 the previous day, according to OPEC Secretariat calculations

The 2022 forecast for global oil demand growth remains under assessment at 4.2 mb/d, with OECD forecast at 1.9 mb/d and non-OECD at 2.3 mb/d.

But getting Saudi Arabia and the UAE to agree to pump more crude would require them to break a more-than-five-year partnership with Russia that has forged strong ties beyond oil — an uncertain prospect as they increasingly look eastward for political allies.

Абсолютно очевидно, что отказ от российской нефти приведёт к катастрофическим последствиям для мирового рынка. Всплеск цен будет непредсказуемым – более 300 долларов за баррель, если не больше.

"It is absolutely obvious that refusing Russian oil would lead to catastrophic consequences for the global market. The price surge would be unpredictable – to more than $300 per barrel, if not more," said Russian Deputy Prime Minister Alexander Novak.