Free Trial

Russia Won’t Supply Oil to Nations Introducing a Price Cap

OIL

Russia won’t supply crude or refined petroleum products to those companies and nations that introduce a price cap on Russian oil according to Russian Deputy Prime Minister Alexander Novak today.

  • "As far as price restrictions are concerned, if they impose restrictions on prices, we will simply not supply oil and petroleum products to such companies or states that impose restrictions as we will not work non-competitively," he said.
  • Novak referred to the price cap proposals as "completely absurd," and that the measure could completely destroy the global oil market.
  • He said "Interference in the market mechanisms of such an important industry as the oil industry, which is the most important in terms of ensuring the energy security of the whole world, such attempts will only destabilize the oil industry, the oil market."

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.