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Putin Sees No Losses For Russia With Oil Price Cap

OIL

The G7/EU oil price cap won’t lead to losses for Russia, as price cap prices are in line with current prices for Russian oil, Russia’s President Vladimir Putin said.

  • The decree on Russia’s oil price cap in response to the EU/G7 oil price cap will be announced in a few days.
  • Russia considers cutting its crude oil output as part of oil price cap response.
  • The country has been increasing crude oil output in Nov but production remained below OPEC+ targets.
  • The government also welcomes India’s plan to not stick to the oil price cap, Deputy Prime Minister Alexander Novak said.
  • Russia’s president repeatedly said Russia won’t sell to countries participating in the G7/EU oil price cap.
    • Brent FEB 23 up 1.3% at 77.16$/bbl
    • WTI JAN 23 up 1.7% at 72.68$/bbl
Energy BulletsCommodities
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