The OPEC secretary general has said Russian oil exports are critical to global supplies, and there is no source that can offset the millions of barrels the country has contributed.
The US is considering whether to impose sanctions on imports of oil from Russia over its war on Ukraine, and there are fears that Russia may redirect its volumes in response to Western sanctions. This has prompted debate as to whether there are alternatives to Russian oil on deck.
"There is no capacity in the world that can replace 7 million barrels per day," OPEC chief Mohamed Barkindo told reporters at the CeraWeek conference, according to Reuters.
Barkindo, OPEC's secretary general since 2016, was speaking at an industry conference in Houston on Monday as oil prices hit a 14-year high.
Brent crude was up 1.7% at $125.15 a barrel on Tuesday, rising for the third day in a row after hitting $139.13 a barrel in the previous session. WTI rose 2.8% on Tuesday.
But Barkindo downplayed OPEC's market impact as the conflict in Ukraine continues, and Russia and the West trade runs and threats.
“We have no control over current events, geopolitics, and this is what is determining the market momentum,” he said.
So far, OPEC and its allies - known as OPEC+ - have shown no interest in ramping up production, which some analysts say is contributing to supply pressures.
Meanwhile, oil buyers and refiners are "self-approving" - staying away from Russian supplies and looking for alternatives, market analysts have said.
The US is willing to act alone to impose sanctions on Russian oil imports if its European allies back down, Reuters reported.
But Germany's leader, Chancellor Olaf Scholz, said Russian energy was of "essential importance" to the daily lives of its citizens, as he warned against the move.
"The heat generation, mobility, power supply and energy supply for industry to Europe cannot be secured in any other way at this time," Scholz said in a statement.
The threat of an import embargo prompted Russia's deputy prime minister to issue a warning and predict oil prices could rise to as high as $300 a barrel.
"It is quite clear that the rejection of Russian oil will have disastrous consequences for the global market," Alexander Novak said on state television on Monday.