G7 and the EU have agreed upon Russian export restrictions and price caps which Aramco CEO claims will add more uncertainties to the market. These price caps are placed on Russian oil barrels at a yet to be determined price, as a way of minimizing the profits Russia can draw from crude sales, and which help fund the war in Ukraine. However, this will cause an issue for European energy reserves as they have to find new sources for oil imports and increase tensions with Russia. These sanctions will create more energy instability as the demand for crude rises.
- G7 price caps add new uncertainties to market: Aramco CEO