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Novak Reiterates Hard-Line Stance on EU Oil Price Cap

RUSSIA
  • A plan by Western nations to introduce a price cap on Russian oil may result in significant risks for commodity markets, Deputy PM Alexander Novak said at the Russia-China Energy Business Forum in Moscow. Novak also reiterated Russia’s stance that they will not supply oil to any countries observing the price cap, even if it would be profitable to do so.
  • Bloomberg report that EU states debated whether to set a price cap as low as $62 a barrel on exports of Russian crude oil after several countries demanded a level that could put more pressure on Moscow, but the talks remain stuck, according to diplomats.
  • China is willing to work with Russia to build a closer cooperative partnership in the energy sector, President Xi Jinping said in a message to an energy forum between the two countries, state broadcaster CCTV reports. China will also work with Russia to enhance green and clean energy, safeguard global energy security and stable supply chain.
  • Novatek will reduce its liquefied natural gas shipments along the Northern Sea Route by 30% y/y in 2022, Kommersant reports, as the company prefers to deliver cargoes to Europe due to higher prices.
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