India and China are able to agree on acceptable prices for Russian oil without restrictions imposed by the West, said Patrick Pouyanne, director of the French oil and gas company TotalEnergies.
At the CERAWeek International Energy Conference in Houston, Texas, he called the black gold price cap dangerous because the gray market and black markets are the first to win. Pouyanne also stressed the importance of fuel availability for consumers, but when it becomes too expensive there is a backlash.
The embargo on Russian oil entered into force on December 5, 2022. In response, Moscow banned deliveries to foreign companies from February 1 if the contracts directly or indirectly provide for the use of a price cap mechanism. .
