Bloomberg: EU does not expect long-term rise in oil prices due to reduced production in Russia
MOSCOW, February 13 – RIA Novosti. The agency said that Russia’s decision to cut oil production in March will not lead to higher raw material prices in the long run. Bloomberg Kadri Simson, European Commissioner for Energy.
On Friday, February 10, Russian Deputy Prime Minister Alexander Novak announced Russia’s decision to voluntarily reduce oil production by 500,000 barrels per day in March. He noted that such a decision will contribute to the restoration of market relations on the basis of the introduction of a price cap mechanism for Russian oil and petroleum products by some countries.
Western oil sanctions came into effect on December 5: the European Union stopped accepting Russian oil transported by sea, and the G7 countries, Australia and the EU set a price cap of US$60 per barrel for shipping – more expensive oil for shipping and insurance Forbidden.
Since February 5, fuel sanctions came into effect: the European Union banned the import of Russian oil products, while the EU countries and the G7 set a ceiling price for them. The limit is set at US$100 per barrel for petroleum products originating in Russia, and US$45 per barrel for reference oil quality (diesel fuel) traded at a premium and traded at a discount (fuel oil).
Source: Ria
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