Putin: Won’t sell oil to nations adopting price caps

The Russian President Vladimir Putin said on Friday that Russia will not sustain losses from oil price caps. Putin noted that “if consumer defines oil prices, this will lead to a collapse of the oil industry”, adding that this will lead to rising prices, this proposal is stupid.

Crude oil prices edged higher after Putin’s comments and WTI crude is trading at $72.65, where it was up 1.25% on a daily basis.

Key Quotes

“Oil prices will skyrocket and hit those who propose price caps.”

“We will think about oil output cuts.”

“We will not sell oil to those who proposed price caps.”

“Decision on oil output cuts is not taken yet.”

“Decree responding to oil price cap will be announced in coming days.”