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IEA's Birol Does Not Expect Major Disruption from New Russian Price Caps

OIL PRODUCTS

The IEA chief Fatih Birol said he does not expect major disruptions or problems from a European Commission proposal to set price caps on Russian oil products.

  • "There might be some transition difficulties, but we know that the second half of this year, a significant amount of new refinery capacity will come on line and we will see a lot of rerouting of the product around the world and as a result, I don't expect a major disruption," he said.
  • The European Commission is trying to reach an agreement by Friday on the level of the caps after failing to find consensus earlier in the week at $100/bbl for high value products like diesel and $40/bbl for low value products like fuel oil.
  • Poland and Baltic nations are the countries causing the holdup – pushing for a stricter cap.
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