EconomyUS predicts dire consequences of failure of 'ceilings' for...

US predicts dire consequences of failure of ‘ceilings’ for oil

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An engineer from the Hungarian oil and gas company MOL controls the intake area of ​​the Druzhba oil pipeline. archive photo

TNI: West’s economic war against Russia could fail due to oil price ceiling

MOSCOW, November 30 – RIA Novosti. A columnist for an American magazine is convinced that imposing a price ceiling on oil from Russia will not only bring the results desired by the West, but also have unbearable consequences for the G7 countries. National Interest Matthew May.

According to the author of the article, the policy of limiting the prices of Russian oil and the transformation of the G7 into a buyer cartel do not contribute to the stability of the global fuel market.

“Despite the cunning logic, the G7 plan will either cause turmoil in global energy markets or have little impact on the decline in Russia’s oil revenues. In both scenarios, Western politicians’ assumptions about the effectiveness and political costs of their economic war against Russia will be suspended. suspicious,” said May.

In addition to the fact that European countries cannot approve a certain price cap, the idea of ​​\u200b\u200bthe “ceiling” reinforces the principle of economic multipolarity, which is at a disadvantage for the United States. May also stressed that the economic attacks on Russia, which were painless for the West, have already ended, and that only measures that hurt the G7 countries remain in the arsenal of Washington and Brussels.

“Western sanctions have come at a significant cost to Russia, but non-self-destructive economic weapons are quickly running out in the hands of US and European policymakers. The price of Brent oil could jump to $380 a barrel… The cost of the economic action he is waging could become unsustainable for everyone,” the author concluded.

Earlier in October, the EU introduced the eighth package of anti-Russian sanctions. Among other things, it contains a legal basis for setting marginal prices for Russian oil transported by sea to third countries. It is assumed that this restriction will take effect on December 5 for oil and February 5 for petroleum products. In addition, a ban on the import of Russian oil into the European Union should also begin to work around the same time.

President Vladimir Putin has repeatedly stressed that Moscow does not intend to supply anything abroad to the detriment of its own interests. According to Deputy Prime Minister Alexander Novak, Russia will not sell oil and petroleum products to countries that set price ceilings, but will divert supply to market-oriented partners or reduce production.

Source: Ria

Emma
Emma
I am Emma Sickels, a highly experienced journalist specializing in news and economy. As an author at News Unrolled, I cover the latest trends in the economic sector and provide readers with valuable insights into its complexities. My work has been featured in various media outlets such as The New York Times, USA Today, Bloomberg Businessweek and many more.

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