{"id":1935261,"date":"2023-05-21T15:15:00","date_gmt":"2023-05-21T19:15:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-supply-wont-be-affected-by-stricter-price-cap-enforcement-iea\/"},"modified":"2023-05-21T15:17:46","modified_gmt":"2023-05-21T19:17:46","slug":"oil-supply-wont-be-affected-by-stricter-price-cap-enforcement-iea","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-supply-wont-be-affected-by-stricter-price-cap-enforcement-iea\/","title":{"rendered":"IEA: Stricter price cap enforcement won&#8217;t impact oil supply."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foil-supply-wont-be-affected-by-stricter-price-cap-enforcement-iea%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1935261&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>IEA Executive Director Says G7&#8217;s Price Caps on Russian Energy Won&#8217;t Affect Global Supply<\/h2>\n<p>The International Energy Agency (IEA) does not expect the Group of Seven (G7) nations&#8217; efforts to counter the evasion of price caps on Russian energy to change the supply situation for crude oil and oil products, according to the IEA&#8217;s Executive Director Fatih Birol. The G7, the European Union, and Australia agreed to impose a $60-per<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kremlin-rejects-eu-price-cap\/\" title=\"Kremlin Rejects EU Price Cap\">-barrel price cap<\/a> on Russian seaborne crude oil and set an upper price limit for Russian oil products to deprive Moscow of revenues for its invasion of Ukraine. The G7 will enhance efforts to counter evasion of the caps &#8220;while avoiding spillover effects and maintaining global energy supply,&#8221; the group said on Saturday, without giving details, during its annual leaders&#8217; meeting.<\/p>\n<h3>Gas Investments and Climate Activists&#8217; Concerns<\/h3>\n<p>The G7 has also brought support for gas investment back to the communique on Saturday, which it said was a &#8220;temporary&#8221; solution to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-supply-wont-be-affected-by-stricter-price-cap-enforcement-iea\/\" title=\"IEA: Stricter price cap enforcement won't impact oil supply.\">address potential market shortfalls<\/a> and as nations are trying to de-couple from Russian energy. The move has alarmed climate activists who warned the group may fail to deliver on its goal to achieve net-zero carbon emissions by 2050 and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/pope-francis-offers-prayers-for-glasgow-climate-change-conference\/\" title=\"Pope Francis Offers Prayers for Glasgow Climate Change Conference\">limit global warming<\/a> to 1.5 degrees Celsius (2.7 Fahrenheit). However, Birol said that &#8220;countries once again reiterated that if there are some impacts to slow down in that area, they are going to accelerate in the other areas that it will not change their determination of reaching the 1.5 degree Celsius goal.&#8221;<\/p>\n<ul>\n<li>The language change was brought in by Germany, once a top buyer of Russian gas, sources have said, and the communique did not have a time frame for investments into the gas sector.<\/li>\n<li>&#8220;There is no determination of any time frame there, but I think the main issue is because of the reliance of especially European countries on Russian gas almost for decades. Now it is not easy to change everything from one day to another,&#8221; Birol said.<\/li>\n<li>&#8220;(German) Chancellor (Olaf) Scholz made clear again and again that Germany is very keen to reach this 1.5 degrees target. And I believe in his words.&#8221;<\/li>\n<\/ul>\n<p>Despite concerns, Birol believes that the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-unveils-historic-green-initiatives-for-industrial-sector\/\" title=\"Biden Unveils \u2018Historic\u2019 Green Initiatives For Industrial Sector\">clean energy transition<\/a> is happening much faster than many think.<\/p>\n<p>(Reporting by Katya Golubkova and Sakura Murakami; Editing by Christian Schmollinger)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IEA&#8217;s Executive Director, Fatih Birol, stated that the G7&#8217;s efforts to counter Russian energy price cap evasion will not affect crude oil and oil product supply. This announcement was made during a visit to Hiroshima, Japan, by Birol, who believes that the situation will remain unchanged.<\/p>\n","protected":false},"author":66,"featured_media":1935262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[8021,5052,24377,5663,7393,7145,17222,11410,4324],"class_list":["post-1935261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-cap","tag-enforcement","tag-iea","tag-impact","tag-oil","tag-price","tag-stricter","tag-supply","tag-wont"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1935261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1935261"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1935261\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1935262"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1935261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1935261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1935261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}