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Dep PM-Price Cap On Russian Oil Would Disbalance Market, Raise Prices

RUSSIA

Speaking following the OPEC+ ministerial meeting, Russian Deputy PM Alexander Novak states that any cap on Russian oil prices would lead to imbalance in the global market and raise global prices.

  • The prospect of imposing a cap on Russian oil and gas prices as part of a new sanctions package was discussed at the G7 summit in Germany held over the weekend.
  • There is believed to be expectations that a cap on gas prices would be easier to implement than one on Russian oil.
  • There are concerns among some in the western alliance that imposing a price cap could see the Kremlin restrict flows further, thereby pushing up prices on global markets.
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Speaking following the OPEC+ ministerial meeting, Russian Deputy PM Alexander Novak states that any cap on Russian oil prices would lead to imbalance in the global market and raise global prices.

  • The prospect of imposing a cap on Russian oil and gas prices as part of a new sanctions package was discussed at the G7 summit in Germany held over the weekend.
  • There is believed to be expectations that a cap on gas prices would be easier to implement than one on Russian oil.
  • There are concerns among some in the western alliance that imposing a price cap could see the Kremlin restrict flows further, thereby pushing up prices on global markets.