Saudi Arabia Didn’t See the Concrete Consequences of the Russian Oil Price Ceiling
CAIRO, 11 December – RIA Novosti. Saudi Energy Minister Prince Abdulaziz bin Salman said that setting a ceiling price for oil from Russia has no tangible results.
According to the Minister, when evaluating the situation in the world oil markets, it is necessary to take into account the reaction of the Russian Federation to such sanctions.
“These measures and tools have been adopted for political purposes and it is not yet clear whether they will help achieve the goals set,” said Bin Salman. He pointed to a number of factors that will continue to affect oil markets next year, including anti-COVID measures in China.
On December 5, Western oil sanctions came into effect: the European Union stopped accepting Russian oil transported by sea, and the G7 countries, Australia and the EU set a price cap for sea freight at $60 per barrel, which was more expensive to ship. insurance is prohibited.
Russian Deputy Prime Minister Aleksandr Novak said in a statement regarding this decision that Russia would not accept a ceiling on oil prices even if it had to cut production. He added that such restrictions are an intervention in market instruments, and that Russia is ready to work only with consumers who will work in market conditions.
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