https://sputniknews.com/20220630/g7-idea-of-capping-russian-oil-price-will-not-work-for-lack-of-authority-on-market-prof-says-1096842598.html
The G7’s idea of limiting Russia’s oil prices doesn’t work because of a lack of authority in the market, he says.
The G7’s idea of limiting Russia’s oil prices doesn’t work because of a lack of authority in the market, he says.
Brussels (Sputnik)-Plans by the Seven Groups (G7) to impose caps on Russian oil prices by introducing shipping restrictions will not work … 30.06.2022, Sputnik International
2022-06-30T18: 01 + 0000
2022-06-30T18: 01 + 0000
2022-06-30T18: 01 + 0000
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The G7 countries held a three-day summit in Schloss Ermau, Bavarian, from Sunday to Tuesday. Apart from the member countries, five countries, South Africa, Senegal, Indonesia, India and Argentina, were invited as guests. G7 leaders announced a communiqué, saying that if Moscow does not agree to lower oil prices, it will consider introducing new restrictions on Russia’s oil transport. Experts further stated that most oil-producing countries have already started production. Anyway the ceiling and they couldn’t increase it to please the West. Even if European countries and the US “successfully ask” OPEC to increase production to avoid rising oil prices, it does not work as “OPEC + remains unheard of the demands of the US and Europeans.” .. The cost of crude oil on the market thanks to the allocation has not reached an agreement with the G7, and even if some members reach such a limited agreement, it will last very long. Iran or Venezuela Russia against the United States? Even the emirates will refuse: they are already maximizing production, “Fulfari explained. During the summit, French President Emmanuel Macron told Biden that neither the United Arab Emirates nor Saudi Arabia could send more oil to the global market to fill the shortage of Russian exporters. ts.
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BRUSSELS (Sputnik)-Only the Organization of Petroleum Exporting Countries (OPEC) can affect the oil market, so a plan by seven groups (G7) that impose caps on Russian oil prices by introducing transport restrictions works. No, Samuel Furfari, a professor of energy geopolitics at the Free University of Brussels, told Sputnik.
The G7 countries held a three-day summit in Schloss Ermau, Bavarian, from Sunday to Tuesday. Apart from the member countries, five countries, South Africa, Senegal, Indonesia, India and Argentina, were invited as guests. G7 leaders announced a communiqué, saying that if Moscow does not agree to lower oil prices, countries will consider introducing new restrictions on Russia’s oil transport.
“The oil market is a global market of 100 million barrels per day, and this idea of limiting oil prices for Russian crude oil never works. Even limiting oil prices in the 1970s at the time of the first oil shock. No attempt was made, “Fulfari added, OPEC is the only” authority “that can influence the price of crude oil.
Experts further said that most oil-producing countries had already reached their production limits and could not increase them to please the West.Even if European countries and the United States ask OPEC to “successfully” increase production and avoid it
Rising oil prices It doesn’t work because “OPEC + remains unheard of US and European demands”.
“OPEC + has some impact on the cost of crude oil in the market due to its allocation, but even if some members reach such a limited agreement, they have reached an agreement with the G7 that will last very long. No. Iran or Venezuela
United States against Russia?? Even Emirates would refuse: they are already producing at their maximum, “Fulfari explained.
He said that US President Joe Biden called Saudi Arabia “
Pariah state“No longer will Saudis forget his campaign pledge to treat them that way.
French President Emmanuel Macron during the summit
Caught on the tape Biden says neither the United Arab Emirates nor Saudi Arabia can send more oil to the global market to make up for Russia’s export shortage.
