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IEA Supports Russian Refined Product Price Cap

OIL PRODUCTS

IEA head Fatih Birol is in favour of pushing for a price cap on both Russian oil and refined products.

  • “If it is pursued, it is not only focused on crude oil, as refined products are also an important challenge for the economies and will be more of a challenge in the next months to come," he said.
  • Birol’s message was directed towards G7 nations, who are currently discussing potential price cap mechanisms. The groups idea is to tie financial services, insurance and the shipping of oil cargoes to a price ceiling. An importer would only access these services if they agreed to a maximum price for Russian oil.

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