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"Essentially, I guess it will be more difficult for Russia to find a market for all these barrels, and that means lower Russian production," a UBS analyst aid.
Russia's Deputy Prime Minister said he welcomed India's decision to oppose the G7 price cap and offered to help the country build large oil tankers.
An EU price cap on Russian crude oil exports came into effect on Monday. Shipping insurance providers need to abide by the new rules.
Poland, Lithuania and Estonia want a limit of $30 a barrel on Russian seaborne crude, putting the EU plan in deadlock just days away from the ban.
An EU embargo on refined Russian oil products like diesel will kick in February, spurring the continent to hoard supplies now.