Yellen Says Russia’s Refined Oil Price Cap Is ‘Complicated’ |
DAKAR, 21 january (Reuters) – Western countries Russia The U.S. is working to establish price caps on Russian refined petroleum products to ensure a steady flow of diesel, but markets are complex and there’s a chance things won’t go according to plan, Treasury Secretary Janet Yellen said.
Group of Seven countries and Australia on December 5 Russia imposed a price ceiling on its oil, and banned the use of marine insurance, financial and other services provided by the West for cargoes whose price is above 60 dollars per barrel.
Yellen told reporters in Dakar, Senegal that they are now like diesel and fuel oil Russia in addition to two separate price limits for oil products, Europe It will enter into force on February 5, along with the EU’s ban on diesel imports.
One would cover high-value products, which are usually priced higher than crude oil, and the other would cover low-value products such as fuel oil, he told reporters traveling with him in Africa.
Yellen argued that setting new price limits was “more complicated” than for crude oil, given the range and pricing structures of different refined products and the importance of ensuring a steady supply of Russian diesel to the market.
“It’s more complicated, but we’re working hard to figure out how to achieve the same goals,” he said.
“You know, there’s always the potential that things don’t go according to plan, but we’ve studied these markets very carefully and we believe we’re going to come out with a range of caps that will achieve the same things I’ve had with crude oil so far,” he said, adding that adjustments could be made over time. can
Yellen’s first oil price cap only went into effect on Dec. 5, citing lower Russian crude prices, which has proven successful so far.
“They have expressed concerns about revenues and we have not seen any signs of Russia keeping oil off the market,” he said.
Reporting by Andrea Shaalal Editing by Nick Zieminski
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2023-01-22 07:51:47
Source – reuters
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