Western Cap On Russian Oil Price Creates Market Risks, Adds Uncertainty - Saudi Minister

MOSCOW (UrduPoint News / Sputnik - 15th March, 2023) The Western policy of capping the price of Russian oil creates risks for the oil market and adds to uncertainty when stability is most needed, Saudi Energy Minister Prince Abdulaziz bin Salman said.

He noted that the effect of such actions was similar to attempts in the United States to pass the NOPEC law.

"Nopec legislation and extending the price cap are very different, but their potential impacts on the oil market are similar. Such policies add new layers of risk and uncertainty at a time when clarity and stability are most needed," the minister said in an interview with the Energy Intelligence magazine.

Such a policy will inevitably exacerbate market instability and volatility, as well as negatively affect the oil industry, he stressed.