SYDNEY, July 12 ― The head of the International Energy Agency said today the G7 proposal to impose a price cap on Russian oil should include refined products as well.
“And if it is pursued, it is not only focused on crude oil, as refined products are also an important challenge for the economies and will be more of a challenge in the next months to come,” he said. The Sydney Energy Forum was focused on what needs to be done to ease global dependence on China for solar technology and countries like the Democratic Republic of Congo and Russia for critical minerals essential for clean energy technologies such as batteries, electric vehicles and wind turbines.
“It is the reason that IEA ministers asked the IEA to consider building a safety network and coordination among its members and associate members in terms of a major disruption in the availability of critical minerals.” He did not give a timeline for finalising plans for the “safety network” and said it was too early to say what it would entail.