The price cap on Russian oil is 'immaterial' and won't make a significant difference on market pricing, analyst says
ussian President Vladimir Putin at Artificial Intelligence Journey Conference in Moscow, Russia, on November 24, 2022.has started as of December 5, but it's not going to leave a meaningful impact on oil markets, according to Vanda Insights.
"It's certainly not going to achieve one of its critical aims, which was to try and crimp Russian oil revenues," Hari said."If it were trying to ensure that European shipping companies, insurance companies...remain in the game, you know, continue to have that business of Russian crude flowing into third countries, I don't think that's going to happen either because China and India have remained noncommittal and I don't expect them to sign up now either.
The EU also intended for the price cap to prevent a spike in crude prices and stave off a supply crunch, but those outcomes are also unlikely to pan out given the demand concerns and COVID lockdowns in China, she added.
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