Beijing on Oil Price Cap: All Should Make Constructive Efforts to Secure Global Supplies

BEIJING (Sputnik) - China calls on all parties to make constructive efforts to secure global oil supplies, Chinese Foreign Ministry spokeswoman Mao Ning said on Monday, commenting on a price cap on oil from Russia.

"Oil is one of the world's major commodities, and ensuring the security of the global energy supply is paramount. We believe that all parties should make constructive efforts to this end," the spokeswoman told reporters.

When asked whether Beijing will join to the price cap, the diplomat said that China and Russia conduct energy cooperation on the basis of respect and mutual benefit.

Last week, the European Union reached an agreement on setting a price cap on Russian oil at $60 per barrel, which went into effect on Monday. The cap will be reviewed every two months to remain at 5% below International Energy Agency benchmark. The G7 nations and Australia also agreed that same day to set a $60 price ceiling on oil from Russia.