The head of the American oil company Chevron, Michael Werth, said that the price ceiling set by the West for Russian oil and oil products creates difficulties in the energy market.
“Under normal conditions, the system improves with changes in demand and production capacity, but now there are many difficulties.”
Wirth emphasized that the effects of restrictive measures “are still not visible” and said: “As for the oil itself and its products, I am concerned that we have created additional difficulties,” noting that the difficulties caused by restrictions are imposed on the sale, purchase or energy company insurance.
Wirth stressed that the oil market as a whole has undergone less significant changes than the natural gas market: “Russian oil still enters world markets with a variable price structure.”
On December 5, 2022, the EU embargo on offshore oil supplies from Russia came into force, as the G7 countries, the European Union and Australia introduced a cap of $60 per barrel on Russian oil delivered by sea.
Since February 5, 2023, similar restrictions have been introduced on the supply of oil products from Russia, and the ceiling has been set at $100 and $45 per barrel, depending on the category of oil products.
Source: TASS