Russia did not consult OPEC+ over oil cap response

Dmitry Peskov said that it was Russia’s sovereign right to respond to the oil price cap imposed by the G7 countries. According to the Kremlin spokesman, Russia didn’t discuss its oil cap response with OPEC+.

The EU and G7 coalition agreed a $60 per barrel price cap on Russian seaborne crude oil. The EU also imposed a series of new sanctions against Russia including a ban on seaborne Russian oil imports. 

On Tuesday, Vladimir Putin signed a decree on retaliatory preventive measures. It says that Russia will not sell oil to those countries that agreed to set the oil price cap. It comes into force on February 1, 2023, and applies until July 1, 2023.

In this regard, Dmitry Peskov said that Russia had the right to respond to the restrictions as it sees fit.

He also noted that Russia had not consulted other OPEC+ members over the response. However, they keep in touch and discuss other issues. 

According to Russia’s First Deputy Energy Minister Pavel Sorokin, most of the markets are available on adequate market principles. Any fluctuations in oil production are not critical and will not exceed those seen in spring.