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TotalEnergies CEO Not Supportive of Price Cap

OIL

TotalEnergies CEO Patrick Pouyanne is not in favor of the G7 price cap on Russian oil.

  • “It’s a bad idea,” he said, adding there’s already a big discount on Russian crude. “I don’t think these interventions are very efficient.”
  • The actual levels of the price cap still need to be agreed which the Saudi Energy Ministry was “fanning uncertainty”.
  • The US said recent talks on the cap with China and India has been “constructive” but there is no sign they will agree to abide but such measures. Along with Turkey, they are the biggest buyers of discounted Russian oil since the invasion.

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