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G7 Price Cap Official: "Price Cap Continues To Meet Objectives"

OIL

G7 Price Cap Official: "Price Cap Continues To Meet Objectives" Comments from a G7 Price Cap Coalition Official hitting wires following the Russian decision to cut oil production.

  • Comments from the official, per Reuters: "Public reporting shows significant amount of Russian seaborne oil has been shipped via price cap-compliant tankers."
  • "Any Russian production cuts will disproportionately hurt developing countries."
  • "Important not to take Russian comments on oil production cut at face value."
  • "G7 price cap coalition believes price cap continues to meet its dual objectives."
  • "Continue to see stable global energy markets, benchmarks largely unchanged since implementation of crude cap in December."
  • Comes after Russian Deputy Prime Minister Alexander Novak announced earlier today that Russia would cut production by 500,00 barrels per day, or around 5% of total output, in March.
Energy BulletsCommodities
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