Moscow Times/AFP: Putin Warns of ‘Grave Consequences’ to Oil Price Caps 

Russian President Vladimir Putin warned that Western plans to introduce oil price caps could have “grave consequences” for energy markets, during a telephone conversation with Iraq’s prime minister on Thursday.

“Vladimir Putin stressed that such actions are contrary to the principles of market relations and are highly likely to lead to grave consequences for global energy markets,” the Kremlin said in a readout of the Russian leader’s call with Iraqi Prime Minister Mohammed Shia al-Sudani. 

The Kremlin said both sides had also spoken positively of the two countries’ work within the framework of OPEC+, which it said helped “stabilize the world oil market.”  

Read more …. 

 Update #1: Price cap for Russian oil may lead to grave consequences — Putin (TASS)

Update #2: Putin discusses West’s oil price cap with Iraqi leader – Kremlin (Reuters)  

WNU Editor: As to what will those “grave consequences be? I can easily see a few million barrels of Russian oil per day being taken off the markets. The impact on prices will be massive.

No agreement yet on imposing price caps on Russian oil …. EU Extends Oil Price Cap Talks as Russia Hints View May Ease (Bloomberg).