IEA assures oil supply unaffected despite stricter price cap enforcement and Russian sanctions busting.
The International Energy Agency (IEA) does not expect the enhanced enforcement of the $60-per-barrel price cap on Russian seaborne crude oil and upper price limit for Russian oil products to affect the global oil and fuel supply. The G7 will enhance efforts to counter evasion of the caps "while avoiding spillover effects and maintaining global energy supply". The IEA's Executive Director Fatih Birol said the price cap reached two main objectives: it did not trigger tightness in the markets as Russian oil continued to flow but at the same time Moscow's revenues were reduced.