Prices of refined products, such as gasoline and diesel, have soared even more than crude oil in the wake of the loss of Russian supply.
to a price ceiling. A shipper or an importer could only get these services if they committed to a set maximum price for Russian oil.The IEA chief was in Sydney to co-host a meeting of Indo-Pacific nations with the Australian government discussing supply chains, the transition to clean energy, and energy security. Countries attending included the United States, India, Japan, and Indonesia.
Birol said the IEA was working on a plan to coordinate critical mineral supplies among its member and associate member countries in case of a supply disruption, similar to the“Critical minerals security will be an important issue for energy security in the future,” Birol said. He did not give a timeline for finalizing plans for the “safety network” and said it was too early to say what it would entail.
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