Russia played the energy card, but lost

IEA Executive, said Director Fatih Birol.

The G7 will step up efforts to combat price cap evasion, avoiding spillovers and keeping supply in the global energy market, the G7 said Saturday at its annual summit.

The IEA, which provides energy market analysis to a group of advanced economies, does not expect increased cap enforcement to affect global oil and fuel supplies, Birol told Reuters on the sidelines of the summit.

“Any significant changes in the markets, as always, we will reflect in our analysis, in our reports, but so far I see no reason to change our analysis,” he said.

According to the head of the IEA, the price cap achieved two main goals: it did not cause pressure on the market, as Russian oil continued to flow, and at the same time Moscow’s income fell.

“Russia played the energy card, but lost. But there are some gaps, some difficulties in improving the functioning of the oil price cap,” Birol said.

The original message in English is available under the code: (Katya Golubkova and Sakura Murakami; translated by Tomasz Kanik)