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Russian Crude Oil Embargo, Price Cap Resulted In Shift In Energy Markets

OIL

The unprecedented embargo against Russian oil, equipment imports, and the imposition of price caps all resulted in global shift in energy markets, while the overall balance oil supply and demand has remained unchanged, Russia’s Deputy Prime Minister Alexander Novak said.

  • Russia’s energy industry has proven its durability and we have found new logistical routes, he added. Around 20% of Russian oil initially delivered to Europe is redirected to other markets, such as Asia.
  • He also said OPEC+ as a group is effective and there would be risks to energy security without the group. He added OPEC+ is not regulating oil prices.

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