A ceiling on the price of Russian oil, as Western countries contemplate Russia’s punishment for invading Ukraine, could drive up oil prices on the world market. Russian Deputy Prime Minister for Energy Alexander Novak warned that day.
Such a measure will lead to market disruption and energy shortages in the market, which in turn will lead to higher prices for European consumers, Novak said from Russia’s Rossiya 24 TV channel.
His comments come days after the leaders of the Group of Seven countries agreed to study whether it is possible to impose maximum limits on Russian oil and gas prices. With the introduction of a price cap, the major industrialized nations want to ensure that Moscow earns less from selling fossil fuels, making it less able to finance its war in Ukraine.
But Novak says a fairly large amount of Russian oil and oil products are now sold on Asian markets. According to him, this enabled oil exports to recover well in June. Novak confirmed that he is counting on further recovery this summer. He also indicated that Russia’s role in OPEC will remain the same.
Russia has always been associated with the group of countries led by Saudi Arabia as an ally. There was also another meeting on Thursday. There, representatives of the oil countries confirmed that they will open the oil tap a little in August. The countries agreed earlier to produce more oil in July and August.
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