No tangible results from the introduction of the ceiling on the oil price today from Russia by Western countries. This was stated by the Minister of Energy of Saudi Arabia, Prince Abdulaziz bin Salman, the Taqa News Agency reports.

The price of oil right now

“As for the price ceiling on crude oil from Russia, which came into force on December 5, there are no clear results of this measure yet. Also there is no certainty that it will be implemented,” said the Minister.

According to him, when considering the situation on the world oil market, it is also worth considering how Russia reacts to the imposed sanctions.

He added that the imposed measures were taken only for political purposes and it is still unclear how they will be implemented in the future. At the same time, oil markets in 2023 will still be influenced by the anti-sanctions measures that are still in effect in China.

Earlier on Sunday, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said that world events have shown that the decision of the OPEC alliance to reduce production by two million barrels per day was correct.

Bloomberg’s agency earlier said that the oil price ceiling, which was established by the European Union, G7 countries and Australia, is not enough to significantly reduce Russia’s revenues. The publication noted that the established ceiling of $60 per barrel was quite generous for Russia, and this figure is close to market prices.

Earlier, we reported that Xi Jinping urged Arab countries to settle for oil in yuan.