The EU still won't buy Russian oil even with a price cap, Energy Aspects' Amrita Sen says
The European Union won't purchase Russian oil regardless of a price cap, Energy Aspects' Amrita Sen said, addressing confusion in the market.
At the same time, a price cap on Russian oil is planned to provide a carve-out in the EU embargo that keeps Russian supplies flowing to global markets, preventing a price shock while limiting Moscow's export revenue. "The reality is the embargo, which the EU is going ahead with on the 5th of December, supersedes the price cap. So the EU will still stop importing Russian oil regardless of the price cap," Sen said in an interview onMarkets are"very, very confused" on what the price cap means for supply, she added, explaining the recent fall in oil prices.
Meanwhile, Russia has warned that it won't sell its crude to any nation that participates in the price cap, and analysts have raised doubts that Moscow's top oil customers — China and India — would go along with it.against a price cap by taking its supplies off the spot market and causing a price spike.
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