IEA warns of unpredictable oil market

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(VOVWORLD) -The EU’s embargoes on Russian crude and oil product imports and a ban on maritime services will put further pressure on global oil balances, and, in particular, on already exceptionally tight diesel markets.

The International Energy Agency (IEA) said Tuesday that a proposed oil price cap may help alleviate tensions, yet myriad uncertainties and logistical challenges remain.

Previously, experts have warned that imposing a gas price cap will affect long-term contracts and the security of the EU supply.

The idea of imposing a price cap on Russian crude and oil products was raised by Western leaders at the G7 summit in June. The restrictions on crude oil will go into effect in December, and on oil products next February.