The top US official, who is in town for the Asia-Pacific Petroleum Conference, said the objective of keeping Russian oil flowing under the cap was to ensure energy markets would not be hit by an oil price shock once a European Union ban on seaborne oil flows takes effect on Dec 5. A second ban on petroleum products is due in February 2023.
Ms Wolfram told The Straits Times on the sidelines of the event at the Raffles City Convention Centre on Tuesday: "It's important to remember that the EU and the other Group of Seven (G-7) countries, and that includes the US, will not be importing Russian oil, so we will not be the beneficiaries of the cheap oil price.
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