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IEA chief says price cap on Russian oil should include refined products – Reuters.com

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Fatih Birol, Executive Director of the International Energy Agency, speaks with the media during the International Energy Forum (IEF) in New Delhi, India, April 11, 2018. REUTERS/Altaf Hussain

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SYDNEY, July 12 (Reuters) – The head of the International Energy Agency said on Tuesday the G7 proposal to impose a price cap on Russian oil should include refined products as well.

The Group of Seven rich nations are considering imposing a price cap on Russian oil in an effort to keep oil flowing and curb inflation, while still limiting revenue to Moscow for the war on Ukraine that it calls a “special military operation”.

“My hope is that the proposal, which is important to minimise the effect on the economies around the world, gets buy-in from several countries,” IEA Executive Director Fatih Birol told Reuters in an interview on the sidelines of the Sydney Energy Forum.

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“And if it is pursued, it is not only focused on crude oil, as refined products are also an important challenge for the economies and will be more of a challenge in the next months to come,” he said.

Prices of refined products, such as gasoline and diesel, have soared even more than crude oil in the wake of the loss of Russian supply, because of a global refinery capacity crunch following the closure of several plants around the world. read more

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Source: https://www.reuters.com/business/energy/iea-chief-says-price-cap-russian-oil-should-include-refined-products-2022-07-12/

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