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Russia Will Not Supply Oil to Those Supporting Price Cap: Novak

OIL

Russia does not plan to supply oil or petroleum products to countries that will introduce the price cap according to Deputy Prime Minister Alexander Novak.

  • "Russia confirms its status of a reliable energy supplier on the global market and the market status of our relations with partners. In this regard we do not plan to supply oil and petroleum products to countries that will use the price cap principle, with further refocusing of supplies to market-orienting partners or with the production reduction," Novak said.
  • "We believe energy sector politicizing can only lead to a deficit of resources and problems with energy provision. The price cap is exactly an act of an unprecedented interference in market principles of oil market functioning, which will inevitably lead to a drop in investments, lowered offer and the deficit in supply of oil and any other exchange-traded commodities, to which this mechanism can be used in future," he added.
Energy BulletsCommodities
Energy BulletsCommodities

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