BEIJING, 5 December – RIA Novosti. According to a Chinese state publication, the OPEC+ alliance led by Saudi Arabia and Russia could agree on moderate production cuts to keep world oil prices stable, and then imposing a ceiling on Russian oil prices will not have the desired effect, remaining only as diplomatic propaganda. . Global Times.

Western oil sanctions go into effect on Monday, December 5th: The European Union stops accepting Russian oil transported by sea, and the G7 countries, Australia and the European Union impose a price cap on shipping at US$60 per barrel.

Experts say the crude oil price ceiling is part of sanctions aimed at cutting Russia’s energy revenues to make the Russian economy and the current military operation unsustainable.

Zhang Hong, a research fellow at the Russian, Eastern European and Central Asian Studies Institute of the Chinese Academy of Social Sciences (CASS), believes that Russia will certainly take decisive countermeasures at the diplomatic level, as Moscow does not want to lose. The ability to set prices for exported energy carriers, as control over pricing is one of the main components of economic sovereignty.

“The impact of price restrictions on direct oil trade between Russia and the EU is almost negligible. This is because direct trade between the two parties is virtually suspended and the West mainly aims to influence Russia’s oil exports and price negotiations with third parties.” Zhang Hong pointed.

The expert also emphasized that “If the price previously demanded by some countries in the region drops further to $30, Russia may reduce production, which will lead to an increase in world oil prices.”

At the same time, experts interviewed by the newspaper predicted another possibility: the OPEC + alliance led by Saudi Arabia and Russia may agree on a moderate reduction in production to maintain stability in world oil prices.

And according to Zhang Hong, this will “directly lead to the fact that the West’s agreement on price restrictions will not have the desired effect and will be just diplomatic propaganda.”

Traditionally, Russia has been Europe’s main supplier of oil, meeting around 20% of Europe’s raw material needs. But in response to the special operation in Ukraine, Western countries began to develop sanctions measures whose purpose, among other things, was to limit Moscow’s revenue from oil exports.

The OPEC+ alliance held its meeting on December 4, before the restrictions took effect. It was decided to maintain the existing oil production quotas. Commenting on the decision and the impending embargo, Russian Deputy Prime Minister Aleksandr Novak said that Russia would not accept a ceiling on oil prices even if it had to cut production. He added that such restrictions are an intervention in market instruments, and that Russia is ready to work only with consumers who will work in market conditions.