The Russian oil price cap imposed by the G7 countries and their allies is working well. This statement was made by US Energy Representative Amos Hochstein.
I think the beauty of the process is that it works and Russian oil and products are sold below marginal prices.
– Reuters quotes Hochstein.
In support of his point of view, Mr. Hochstein recalled that Russia must reduce its oil production by 500,000 barrels per day. But this circumstance did not affect world oil prices.
At the same time, the US representative stressed the importance of the presence of Russian oil in the market, but noted that it should be traded at a discount.
Recall that the ceiling price for oil in the Russian Federation is set at $60 per barrel. The restriction was backed by G7 countries, as well as the European Union and Australia. In their opinion, the price barrier will significantly limit the possibilities of the Russian budget. And this, in turn, will inevitably affect the course of the special military operation.
However, a number of experts believe that the oil price cap is unlikely to have a serious impact on the formation of the state treasury. The fact is that after the restrictions were introduced, Russia significantly increased its offshore oil exports. For this, a special fleet of ghost tankers has been created, which is engaged in the transportation of energy carriers.
In addition, several studies by major Western think tanks point to increased demand for Russian oil delivered by sea.
Photos used: SSK The Eastern Herald
