G7 coalition agrees on $60 per barrel price cap for Russian oil

LOL this is close to what China and India are already paying to Russia after discounts.

www.cnbc.com/amp/2022/11/25/g7-price-cap-on-russia-oil-wont-have-strong-impact-on-moscow-analysts.html

Assuming that the price cap is actually enforced and all parties (including the buyer, seller, shippers and insurers) comply, it will still not cause any significant damage to Russia's current account surplus.

On the other hand, one can be sure that OPEC is rubbed off the wrong way and it will be in their interest as well to make sure this attempted formation of a buyers cartel fails.

So in one stroke G7 has managed to unite the OPEC nations against them.

Yesterday Russian Urals crude was trading at $64 a barrel.

So in one stroke G7 has managed to unite the OPEC nations against them.

not really, apart from Russian discounted oil, America has now restarted to import Venezuelan oil,

the country with the largest oil reserves in the world.

https://www.cnbc.com/2022/11/26/us-issues-expanded-license-to-allow-chevron-to-import-venezuelan-oil.html

OPEC and Russia will make mass profits. Win-win.

actually no, it cost Russia around 50$ just to pull the oil from the ground $60 is barely profitable,

very few countries make money at less than 50$ a barrel, Middle east countries that drill in sand is the cheapest to make new wells, Russia is on much harder material , cost far more to drill for it.

Hardly enough to run a war long term, yes Russia is already selling discounted oil to China, that just ,means they buy less OPEC oil, buying less OPEC oil wont drive up prices, itll do the opposite, if EU China buy more Russian discounted oil just means OPEC have to drop their prices to remain competitive, supply and demand.

oil prices have dropped around 10-15$ barrel in the last month,

https://oilprice.com/oil-price-charts/

Russia is selling its oil for less than $60/barrel already. Make it $45/barrel.

Hahaha hahaha

Oh, wait, this is supposed to be a serious position.

What's their plan for when Russia refuses to sell it to them at that price, buy Russian oil second hand? Tell the Sauds that they need to stop selling their oil to China and India so they can sell it to the G7?

Time for the US Congress to pass NOPEC.

Russia just stop selling oil to these counties who couldn't pay the market price. That was their asset, that was their "SAY"!

If it’s that easy to put price caps against a nuclear superpower, then why don’t they first put price caps on all those inflationary supermarket and energy prices which would help own people more and immediately?

This will drive the price to $100. Western world will freeze and supply chain diminished and rolling blackouts. OPEC and Russia will make mass profits. Win-win.