Oil supply won’t be affected by stricter price cap enforcement: IEA
The International Energy Agency (IEA) does not expect moves by the Group of Seven nations to counter the evasion of price caps on Russian energy will change the supply situation for crude oil and oil products, the IEA’s Executive Director Fatih Birol said.
The G7, the European Union and Australia agreed to impose a $60-per-barrel price cap on Russian seaborne crude oil and also set an upper price limit for Russian oil products to deprive Moscow of revenues for its invasion of Ukraine.
The G7 will enhance efforts to counter evasion of the caps “while avoiding spillover effects and maintaining global energy supply”, the group said on Saturday, without giving details, during its annual leaders’ meeting.
