Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Algerian Foreign Ministry: The Algerian President directs Foreign Minister Ahmed Attaf to head to Niamey as soon as possible
Algerian Foreign Ministry: Niger’s acceptance of the Algerian initiative strengthens the option of a political solution to end the crisis
Algerian Foreign Ministry: Algeria received official approval from Niger concerning the Algerian mediation initiative to resolve the crisis
Armenia says Azerbaijani forces open fire in border region
Al Mayadeen's correspondent: Israeli Supreme Court decides to return the case of prisoner Kayed al-Fafsous to the Military Court of Appeals
Egyptian media, citing medical sources: Ambulances transported about 100 injuries to hospitals as a result of the Ismailia Security Directorate fire
Egyptian media: The number of people injured in the Ismailia Security Directorate fire has risen to 21 people, some of whom are in critical condition.
Turkey carried out air strikes in northern Iraq and destroyed 20 PKK targets: Turkish MoD
Al Mayadeen's correspondent: Turkish warplanes carry out an air strike that targeted the Matin area in Dohuk, northern Iraq
Israeli media: The settlers wrote the word “revenge” in the site and uprooted dozens of olive trees

Russian official: Price cap on Russian oil will explode global prices

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Dec 2022 13:31
  • 2 Shares
  • x

With an incoming OPEC+ decision to cut oil production or keep it as it is, a Russian official weighs in on the global consequences of putting a price cap on his country's oil.

  • A view shows the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. (Reuters)
    Photograph of the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia on August 12, 2022. (Reuters)

The introduction of a price cap on Russian oil would lead to an explosive hike in fuel prices around the world, according to Ivan Abramov, first deputy chairman of the Russian Federation Council Committee on Economic Policy, speaking to Sputnik. 

On Friday, the G7 nations and Australia issued a statement saying that had come to an agreement on the maximum price cap of Russian crude oil: $60 per barrel, a decision which will come into effect on December 5 according to the joint statement. A price cap developed by the US-led international coalition will be implemented on February 5, 2023. 

"Consequences of such a decision are obvious: it will lead to a booming demand, disruptions of supply chains and the explosive growth of fuel prices across the globe," Abramov said. 

The European Union reached an agreement on setting a price cap on Russian oil at $60 a barrel, keeping a review mechanism to keep the price cap at 5% under market value. 

Related News

India's crude oil imports from Russia soar 80% in September

Despite sanctions, Russian crude oil supplies witness 50% hike

Major oil producers are expected to adhere to their current output strategy and even cut down oil production further in their coming meeting on Sunday amid falling oil prices, a coming Russian oil price cap, and sanctions.

The last time OPEC+ convened in October, a decision spearheaded by Saudi Arabia and Russia cut oil production by 2 million barrels per day starting November. 

The OPEC+ oil production reduction is the most substantial cut since the COVID-19 pandemic peak in 2020. 

In November, OPEC wrote in a report that "the world economy has entered a period of significant uncertainty and rising challenges in the fourth quarter of 2022.

Read next: US hails EU agreement on price cap on Russian oil at $60 per barrel

  • Russian oil
  • Russia
  • OPEC+
  • Oil prices
  • Price cap

Most Read

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

  • Europe
  • 28 Sep 2023
Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

  • Analysis
  • 30 Sep 2023
US President Joe Biden and Ukrainian President Volodymyr Zelensky

'Not 1 more cent': Americans are done with funding Ukraine's paychecks

  • Europe
  • 30 Sep 2023
Austrian Chancellor Karl Nehammer tells low-income families to buy their children McDonald's burgers.

Austria Chancellor's solution to poor families: McDonald's burgers

  • Europe
  • 29 Sep 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
Egypt's Ismailia police HQs engulfed with fire (Social media)
MENA

Massive fire engulfs Egypt's Ismailia police HQs, injures dozens

trump
US & Canada

Donald Trump's civil fraud trial opens; business empire at risk

Visitors look at projected paintings and drawings at the Van Gogh exhibit during a preview of the digital exhibition titled "Infinity des Lumieres" in Dubai, in the United Arab Emirates, on June 28 , 2021. (AFP)
Europe

AI, VR unite to depict Van Gogh's 'mental struggle' in final works

A child being treated in a makeshift ICU bed in California in 2023 (AFP via Getty Images)
US & Canada

Children are dying in US hospitals plagued with ill-prepared ERs: WSJ

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS