Global oil prices maintain level on Wednesday.

The Organization of Petroleum Exporting Countries says there's not enough oil production capacity globally to make up for lost Russian supply, reports Reuters.

A barrel of European reference oil Brent sells for USD 131.19 Wednesday morning against USD 131.39 Tuesday afternoon. US counterpart West Texas Intermediates trades concurrently for USD 126.19 against USD 127.35.

The International Energy Agency informs that as of March 1, Russia is the world's third largest crude exporter, entailing roughly 5 million barrels of oil daily or approximately 12 percent of global trade.

According to a statement from OPEC Secretary General Mohammed Barkindo at an industry conference as reported by the news agency, Russia is the world's largest oil exporter to global markets, sending around 7 million bpd abroad, representing 7 percent of global supply.

"There's 'no capacity' to replace Russia's 7 million barrels of oil per day. We have no control over current events, geopolitics, and this is dictating the pace of the market," Barkindo says.

Governments in the Americas, Europe and elsewhere around the world initially exempted Russian energy from sanctions to prevent already tight markets from being squeezed further, however, such effort was to no avail as commodity traders have avoided Russian oil, Reuters reports.

Short supply of oil would result in higher prices, thus having an effect on limiting demand.

The IEA further informs that most OPEC countries lack ample reserve capacity for oil production.

JPMorgan forecasts that Brent could hit USD 185 per barrel before the end of the year.

US and UK ban Russia oil imports, squeezing Putin on war 

EU: Swifter wind and solar build-out can replace 20 billion m3 of Russian gas this year 

Biden will ban Russian fuel import as early as Tuesday

Gazprom's Danish North Sea development scrapped

Threats of Russian energy cutoff drive up oil prices