The Executive Director of the International Energy Agency, Fatih Birol, stated that "the agency does not expect the actions of the G7 group to combat circumvention of the price constraints imposed on Russian energy to affect the supply situation of crude oil and petroleum products." Birol told Reuters that "the International Energy Agency, which provides analysis and input to the G7 on energy, does not see that stricter enforcement of the price ceiling will impact global oil and fuel supplies."
He added, "Any significant changes in the markets will be reflected as usual in our analyses and reports, but for now I see no reason to change our analyses." Birol believes that "the price ceiling has achieved two main objectives: preventing supply shortages in the markets, as the flow of Russian oil continues, while at the same time reducing Moscow's revenues."
The G7, the European Union, and Australia agreed to impose a price cap of $60 per barrel on Russian crude oil sold by sea, as well as setting a cap on prices of Russian petroleum products to deprive Moscow of revenues that could support its invasion of Ukraine.
