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Russia Did Not Consult With OPEC+ Over Oil Supply Ban

OIL

Russia did not consult with OPEC+ on the response to the price cap on Russian oil according to spokesman Dmitry Peskov on Wednesday.

  • He said it was Russia’s sovereign right to respond as it sees fit to such “illegal measures”.
  • Russian yesterday announced a ban on the supply of crude oil and products to buyers that implement the $60 price cap. The restriction will run from 1 Feb to at least Jul 2023 and on oil products starting not before 1 Feb.
  • Peskov said contacts between Russia and the OPEC+ group were ongoing on other issues.

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