According to International Energy Agency (IEA), it is unlikely moves by the G7 nations to fight the evasion of price caps on Russian energy will change the supply situation for crude oil and oil products.
In particular, the G7, the EU and Australia agreed to impose a $60-per-barrel price cap on Russian seaborne crude oil and also set a variable upper price limit for refined oil products from Russia with the aim of depriving Russia of revenues, while not depriving the western nations of oil.
To remind, from 19th to 21th May, Japan hosted the G7 Summit in Hiroshima with leaders from Canada, France, Germany, Italy, the United Kingdom, and the United States.
As explained, the IEA, which provides analysis and input to the G7 on energy, did not see the enhanced enforcement of the price caps affecting the global oil and fuel supply.
As Birol said, the price cap achieved its two main objectives: it did not trigger tightness in the markets as Russian oil continued to flow but at the same time Moscow’s revenues were reduced.