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Oman Uneasy With G7 Price Cap on Russian Oil

OIL

There is widespread unease amongst oil reliant economies about the G7 price cap on Russian oil according to Oman’s energy minister.

  • “I don’t think anyone likes it,” Salim Al-Aufi said, adding “We don’t know how far it will go. Today, it’s Russia. But tomorrow that can change and it could be a global price cap. That would be extremely serious.”
  • On OPEC+ output, he said “Any additional cut was likely to send a negative message to the market,” he said. “For now, we’re holding to October’s decision. But that doesn’t mean we can’t respond if we think the market is oversupplied significantly, or undersupplied. We can convene at any time.”

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