RIYADH - Saudi energy minister Prince Abdulaziz bin Salman said on Sunday the impact of European sanctions on Russian crude oil and price cap measures “did not bring clear results yet” and its implementation was still unclear.
Prince Abdulaziz said Russia’s reaction and what actions it would take in response to these tools was another aspect that needed to be taken into consideration when looking at the state of play in global markets. Other factors affecting the market going into 2023 include China’s Covid-19 policies. The impact on China’s economy from easing Covid restrictions still “needs time”, he said.“Central banks are still preoccupied with managing inflation, no matter the cost of these measures and their possible negative impact on global economic growth.”
The alliance, which groups together members of The Organisation of Petroleum Exporting Countries and allies including Russia, last met on Dec. 4 and decided to keep output unchanged amid a weakening economy and uncertainty over how the Russian price cap would affect the market.