LONDON (Reuters), BP (NYSE) said that it does not anticipate any drop in oil prices soon as Russia’s oil was expected to be impacted by Western sanctions.

Looney stated to Reuters that there are one million barrels per day of Russian crude oil off the system right now. We believe this will likely double when current sanctions take effect.

Looney stated that oil prices will remain volatile despite being at their highest level since 2008, when Russia invaded Ukraine.

“I do not think there will be any price drop in the near future.”