Oman announces oil-producing countries' dissatisfaction with introduction of cap on Russian oil prices

Oman announces oil-producing countries' dissatisfaction with introduction of cap on Russian oil prices

Oil-producing countries are dissatisfied with Western countries setting a price ceiling for Russian oil, Oman's Energy Minister Salem bin Nasser al-Awfi said, Bloomberg reports.

"I don’t think anyone likes it. <...> We don’t know how far it will go. Today it is Russia, but tomorrow this may change and a price cap may be introduced at the world level. It would be very serious", he said. He believes that such measures could lead to a reduction in investment in the oil industry worldwide.

The price cap for Russian oil was agreed on December 5 by the EU countries, the G7 and Australia.

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