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IEA Assures Stricter Enforcement of Price Caps Will Not Disrupt Oil Supply
IEA Assures Stricter Enforcement of Price Caps Will Not Disrupt Oil Supply

IEA Assures Stricter Enforcement of Price Caps Will Not Disrupt Oil Supply

  • 22-May-2023 12:43 PM
  • Journalist: Harold Finch

Europe: IEA predicts G7's measures to counter Russian energy price caps will not impact crude oil and oil product supplies; $60-per-barrel cap on Russian seaborne crude and upper price limit for oil products set by G7, EU, and Australia to curb revenue earnings for Ukraine invasion.

G7 to strengthen efforts against evasion of caps on Russian energy, while sustaining global energy supply and preventing spillover effects; details remain undisclosed after annual leaders' meeting on Saturday.

IEA foresees no impact on global oil and fuel supply despite G7's strengthened enforcement on price caps analysis to reflect any significant changes in markets as before. Cap on Russian oil prices achieved dual objectives of keeping the flow unaffected while mitigating Moscow's revenues.

Russia's energy ploy fizzles out, but loopholes and challenges remain for the G7's price cap on oil; group reintroduces support for gas investments as a temporary measure to tackle market shortages and reduce dependence on Russian energy.

Climate activists alarmed as G7's gas investment support raises doubts on net-zero Carbon emissions and 1.5°c global warming limit goals; countries affirm their commitment to overcome setbacks and accelerate progress in other areas to achieve target, despite possible impacts.

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