Saudi Energy Minister Prince Abdulaziz bin Salman said at a forum in Riyadh that there are still no noticeable results from imposing a Russian oil price cap.
The “TAQA” platform quoted the minister as saying: “As for the Russian oil price cap that came into effect on December 5, there are no clear results for this measure yet. There is also no complete certainty that this will be implemented.”
According to the minister, “it is also necessary to take into account Moscow’s reaction to these sanctions when looking at the situation in the global oil markets.” He pointed out that “these restrictive measures are used for political purposes and it is not yet clear whether they will succeed in achieving their goals.”
At the same time, bin Salman indicated a number of factors that will continue to affect the oil markets. Chief among them are the measures against COVID-19 in China.
Since December 5, Western oil sanctions have come into force: the European Union has stopped receiving Russian raw materials transported by sea, and the G7 countries, Australia and the European Union have imposed a limit on the price of Russian seaborne oil at $60 per barrel. Otherwise, the transportation and insurance of oil will be prohibited.
Commenting on this decision, Russian Deputy Prime Minister Alexander Novak said that Moscow will not accept a ٍcap on oil prices, even if it is forced to cut production.