• As the G7 talks about a price cap for Russian crude, oil prices drop by more than 3%

    International
    As the G7 talks about a price cap for Russian crude, oil prices drop by more than 3%

    The minister stated that Russia will not provide any oil or oil-related items to nations that support the implementation of such a cap.

    Digital Desk: With Moscow now announcing that it will respond by refusing to
    sell oil, an impending G7 agreement to control Russian oil prices that is being
    addressed Friday could buck this trend. Oil is down more than 3.2% on Thursday.



    Finally,
    Russia has publicly acknowledged that imposing price controls on its oil would
    harm the global energy markets.



    Russia announced in a statement published on Kommersant.ru on
    Thursday that it would stop supplying oil to nations who want to set a price
    restriction on its oil.



    The G7
    nations' plan to cap the price of Russian oil has been called a "total
    nonsense" that will disrupt the entire industry, according to Deputy Prime
    Minister Alexander Novak.



    The
    minister stated that Russia will not provide any oil or oil-related items to
    nations that support the implementation of such a cap.



    The
    Deputy Prime Minister stated, "We simply will not supply such firms or
    countries with oil and oil products because we will not operate in non-market
    conditions.



    Novak
    also added that Russian businesses will be able to keep oil output at the same
    level since they were well-prepared for an EU oil embargo. According to Novak,
    Russia's production by year's end might reach 520-525 million tonnes, which
    would be equal to the 524 million tonnes produced the year before.



    Although the details of the final agreement and price level have
    not yet been disclosed, the cap scheme, which was first proposed in June by
    U.S. Treasury Secretary Janet Yellen, might be set at half of the Russian
    purchasing price. The original plan was to set the cap above Russia's cost of
    production in order to keep Russian oil on the market while lowering the amount
    of money going into its war coffers.



    Yellen
    declared on Wednesday that she was "optimistic" the G7 will agree to
    a price cap. She also met with UK Chancellor of the Exchequer Nadhim Zahawi,
    who pledged British support for the proposal but pointed out that additional
    countries would need to join it in order for it to be more successful.



    Despite
    the fact that Russian crude is currently selling at a $20/barrel discount,
    Moscow's oil revenues have not been affected because Russia has discovered new
    markets in India and China.



    According to recent estimates, India significantly increased its
    imports of cheap Russian oil during the second quarter while severely reducing
    its crude imports from the United States by one million metric tonnes. India's
    energy mix today differs significantly from what it did a year ago. Compared to the
    U.S., which made up 9.2% of India's crude imports last year, Russian oil now
    makes up over 12.9% of those imports, while the U.S. share has dropped to just
    5.4%.



     




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