The ceiling on oil prices from Russia introduced by Western countries has reached its goals, according to the IEA.
As a result of the introduction of a price ceiling for Russian oil, Russian oil and gas revenues fell by almost a third in January. This is what the head of the International Energy Agency (IEA) Fatih Birol said, Reuters reported yesterday.
According to him, last month Russia earned $8 billion more from the sale of oil and gas than in the same period last year. The decrease in income is 30%.
According to Birol, the imposed ceiling on oil prices from Russia achieved the goals “both to stabilize oil markets and to reduce Moscow’s export earnings.”
Earlier, analysts at the Helsinki Center for Energy and Clean Air Research (CREA) estimated that Russia was losing $172 million per day due to high oil prices. The losses will increase to $280 million a day when the restriction is extended to petroleum products from February 5.
As you know, on December 5, the EU embargo on Russian oil delivered by sea began to operate. At the same time, the European Union, the G7 countries and Australia set a ceiling on Russian oil supplies at $60 per barrel.
In addition, since February 5, the EU has set two price ceilings for oil products from Russia. Oil products traded at a discount to crude oil will have a cap price of $45 per barrel. This category includes, for example, fuel oil.
A second price cap of $100 per barrel will be set for refined petroleum products traded at a premium to crude oil. This group includes gasoline and diesel fuel.
In response, Russian President Vladimir Putin signed a decree banning oil supplies to “unfriendly” countries.
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Source: korrespondent
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