Washington, SANA- The CEO of energy major Shell, Ben van Beurden, has raised doubts about plans by the Group of Seven (G7) developed nations to impose a price cap on Russian oil to limit Moscow\u2019s revenue from sales.<\/p>\n
\n\u201cYou can see all the flaws already,\u201d he told Bloomberg, noting that the system would work only if there were broad participation beyond Europe and the US.<\/p>\n
\nOtherwise, \u201cyou will continue to just see what is currently happening, which is Russian crude will go to countries that are perfectly OK to still purchase Urals [Russia\u2019s main crude export grade], for instance,\u201d he explained.<\/p>\n
\nAccording to Van Beurden, the world is heading for a \u201cturbulent period\u201d as tightening supplies of liquefied natural gas and oil exacerbate a global energy crunch.<\/p>\n
\nThe Shell CEO explained it would be hard to replace large swaths of Russian oil and gas that still flow into Europe. \u201cThere will be more LNG supply coming into Europe, but will there be a lot of extra new LNG supply to plug the gap? I don\u2019t think so,\u201d Van Beurden said.<\/p>\n
\nHe also pointed out that spare capacity from OPEC was lower than most believed or hoped, adding: \u201cWe\u2019ll face tight markets unless there\u2019s very significant fallout in demand.\u201d<\/p>\n
\nThis week, the G7 economies reportedly agreed to explore the feasibility of a price cap on Russian oil exports.<\/p>\n
\nThe idea was first introduced by US Treasury Secretary Janet Yellen earlier this year, and was then taken up by the G7, which is considering the possibility of an embargo on the transportation of Russian seaborne crude oil unless it is purchased at or below a price to be agreed with international partners.<\/p>\n
\n
Amer Dawa<\/p>\n","protected":false},"excerpt":{"rendered":"
Washington, SANA- The CEO of energy major Shell, Ben van Beurden, has raised doubts about plans by the Group of Seven (G7) developed nations to impose a price cap on Russian oil to limit Moscow\u2019s revenue from sales. \u201cYou can see all the flaws already,\u201d he told Bloomberg, noting that the system would work only …<\/p>\n","protected":false},"author":57,"featured_media":276667,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[122,6987],"tags":[26774],"class_list":["post-276666","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-money-and-work","category-latest-news","tag-skepticism-grows-over-russian-oil-price-cap"],"_links":{"self":[{"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=\/wp\/v2\/posts\/276666"}],"collection":[{"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=276666"}],"version-history":[{"count":0,"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=\/wp\/v2\/posts\/276666\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=\/wp\/v2\/media\/276667"}],"wp:attachment":[{"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=276666"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=276666"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.sana.sy\/en\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=276666"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}