The BBC is reporting global oil producers have agreed to increase supply, in an attempt to offset partially falls in Russia output.
Russia has now warned that European consumers will be the first to suffer after Brussels introduced a partial embargo on Russian oil.
Russian Deputy Prime Minister Alexander Novak said in televised remarks there may be a “big deficit” of oil products in the European Union.
The European Union has agreed to block most Russian oil imports by the end of 2022.
The ban will affect oil that arrives by sea – around two-thirds of imports – but not pipeline oil, following opposition from Hungary.
Poland and Germany have also pledged to end pipeline imports, meaning a total of ninety percent of Russian oil will be blocked.
Oil producers agree to boost output in July and August following the EU’s move to cut dramatically the amount it gets from Russia.
However, the move will only partially compensate for decreased Russian output.