Limiting the price of Russian oil will lead to a deficit in the market, warns Moscow

Capping the price of Russian oil, as planned by Western countries to punish Moscow’s aggression in Ukraine, will lead to “deficitwhich will lead to an increase in prices for European consumers, Moscow warned on Thursday.

A “mechanism” for setting the price of Russian oil.

Such a remedycan only lead to market imbalance, lack of energy resources in the market, which in turn will lead to price increase;“it should”pay European consumersAlexander Novak, Deputy Prime Minister for Energy Affairs of Russia, said in an interview with the Russian TV channel “Russia-24”. G7 leaders vowed at a summit this week to develop a “mechanism” to cap the global price of Russian oil to deprive Moscow of some of its energy amid a military offensive against Vladimir Putin. Ukraine. European countries have been trying to reduce their own consumption of Russian hydrocarbons since the beginning of this military intervention, but Moscow’s exports to Asia have been strengthened.

Aleksandr Novak’s warning comes as the rise in oil prices that has accompanied the attack in Ukraine is causing growing concern around the world. On Thursday, OPEC+ oil producers resumed their goal to open the valves a little more crucially this summer, with an additional 648,000 barrels per day, a measure that should not, however, slow growth. In this context, Alexander Novak said on Thursday that Russia’s oil production has almost returned to the level it had before the start of the attack in Ukraine, about 9.9 million barrels per day. “Our production has recovered after the decline in March and April. In June, we almost reached the level of February,” Alexander Novak said, adding that Moscow will try to increase it even more in order to meet the production quotas set by OPEC + for Russia. “Russia’s role in the implementation of the deal announced by OPEC+ on Thursday will be one of the most important,” he said.