Price Cap On Russian Oil To Disrupt Market Stability - Venezuelan Foreign Minister

UNITED NATIONS (UrduPoint News / Sputnik - 26th September, 2022) The plan of G7 countries to impose a price cap on Russian oil exports will backfire on these nations, while also causing a serious imbalance in the oil market, Venezuelan Foreign Minister Carlos Faria told Sputnik.

"I believe, and I base this on the opinion of specialists, that this idea of placing a ceiling on the price of Russian oil specifically will create an enormous distortion in the oil market. This will cause prices to go out of control," Faria said on the sidelines of the United Nations General Assembly.

The OPEC+ alliance, which, among other nations, includes Russia and Venezuela, ensures that oil prices are in check, so that other producers and importers are not harmed, the foreign minister noted.

"I consider this idea (price caps on Russian oil) to be negative if it is applied by those who apply it, as has happened with the thousands of coercive measures set against Russia. They are going to see how this (step) will return as a boomerang against them," Faria noted.