- Sunday, April 28, 2024
By: Shubham Ghosh
Neither OPEC (Organization of Petroleum Exporting Countries) Plus nor India and China are in favour of forcing a price limit on oil from Russia, its deputy prime minister Alexander Novak has told reporters.
According to Russia’s state-run TASS news agency, Novak said that he has not heard about those countries supporting the idea of capping Russian oil prices.
“I have not heard it. At least [I have not heard] that China and India have joined [the decision to cap Russian oil prices]. We have not heard from other oil producers that are participating in the market, at least one positive response about this absurdity that is being discussed,” he said.
Novak also warned that the global market would pay a heavy price if the price of Russian oil is capped.
The TASS report said that embargo imposed on Russian oil purchases by the West, including the European Union and the US, has seen a sharp surge in prices, allowing Moscow to redirect large volumes of crude oil to other markets such as India and China and selling smaller quantities of oil with discounts.
In this background, a statement was made after the G7 summit held in June where its leaders vowed to consider capping prices of Russian oil through a ban on providing services on its transportation by sea if the price of oil went past the ceiling set by global partners.
