Russian oil price cap causing global market ‘uncertainties’, Moscow says
[ad_1]
The price cap for russian oilannounced on Friday by the G7, causes “uncertaintieson the global black gold market, said Russian Deputy Prime Minister for Energy Affairs Alexander Novak on Monday. “We will consider how the situation in the market will develop as there are many uncertainties“related in particular to”G7 Leaders’ Statement on Russian Oil Price Cap“Said Alexandre Novak after a meeting by videoconference of the OPEC + countries, quoted by the public press agency TASS. “We agreed that we would continue to meet monthly to come up with the most rational solutions for the market“, he added.
On Friday, the G7 countries had indicated that they wanted to implement “urgently» a capping of the price of Russian oil, encouraging a «broad coalitionof countries to participate, in retaliation against the offensive in Ukraine. This declaration had led to strong reactions from the Kremlin, its spokesman, Dmitry Peskov, considering in particular that such a measure “would destabilize” the market. Alexander Novak for his part warned Thursday that Russia would simply no longer sell oil to countries capping prices.
Read alsoEuropean embargo on Russian supplies fuels oil surge
On Monday, the OPEC + countries announced that they had decided to cut production to support prices in the face of fears of recession, a first for more than a year and the drastic cuts made due to the Covid-19 pandemic. The representatives of the thirteen members of the Organization of the Petroleum Exporting Countries (OPEC) and their ten allies thus agreed to “revert to August quotas“, a drop of 100,000 barrels compared to September, announced the alliance. Alexandre Novak judged this decision in line with “the current situation“.
[ad_2]
Source link
