IEA: New G7 Price Cap Pledge Unlikely To Impact Oil Markets

There will be no significant effect on oil prices from stricter enforcement of the price cap on Russian oil exports as supply will not change meaningfully. This is according to the International Energy Agency, which commented on a statement made by the G7 during their meeting this weekend. "Any significant changes in the markets as always we will reflect in our analysis, in our reports, but for the time being I don't see a reason to make a change in our analysis," IEA head Fatih Birol told Reuters in an interview on the sidelines of the meeting.…