Russia has had it with a demand for an oil price cap of the G7 and told them it could lead to zero oil exports. The West demands that it cannot enforce because many of the producers and sectors of the oil industry have rejected Washington.
US President Joe Biden's trip to Saudi Arabia was a bust because the Arabs chose Russian President Vladimir Putin's oil enterprise.
G7 Nations Attempt for Cheaper Oil
A rebuff to the US-initiated attempt for cheap oil got nothing, and a top official said it would be unprofitable too, reported RT.
A warning to the US and allies gasping for cheaper oil, will not get a single drop said Deputy Prime Minister Alexander Novak told Russia's Channel One on Thursday, noted the Press United.
He clarified that the prices discussed are less expensive than the expenses associated with producing oil. We won't operate at a loss since Russia won't guarantee the supply of this oil to international markets, as cited by TASS.
The Group of Seven nations chose to restrict the price of Russian oil by the end of June. America had first suggested this notion as a method to lessen Russia's profits from energy exports.
Bloomberg reports that supporters of the proposal are debating the potential of lowering the price paid for Russian exports by meddling with the insurance and shipping of the nation's oil.
Based on the proposal, there will be a pricing scheme to lessen the oil price cap, but according to Russian officials, the G7 can dream it can get oil exports if they push this.
After the US and its allies have sanctioned Russia to the ground, it's still standing. But the West suffers from inflation, high energy prices, and food security; not giving oil will shatter their countries.
He clarified that the prices discussed are less expensive than the expenses associated with producing oil. We won't operate at a loss since Russia won't guarantee the supply of this oil to international markets.
Japanese Prime Minister Fumio Kishida reportedly announced that the price cap's highest ceiling would be set at around half the current price of Russian oil.
In June, the average price of a barrel of Urals was roughly $87.25. However, conversations are ongoing, and the price cap has not yet been set.
A price cap will make oil more expensive; Putin remarked that western nations are damning themselves with poor decisions like getting rid of Russian gas at the US prodding. The EU should be wiser. Less oil on the market will drive a stake into already gasping western economies via wayward decisions.
More Fallout From the Oil Embargo
French investment banker Philippe Villin said the EU rushed to support Ukraine without discussing its firms or citizens, and the European economy is now hurting the most from anti-Russia sanctions.
He lambasted Brussels and everyone who brought on the misery from boomeranging sanctions that only worsened an energy crunch. He wrote to an outlet last Monday.
As part of the military escalation that was not advised, that is another blow to the EU economy, which is now a difficult situation for all EU members, worse than the US or China. The EU wants the oil price cap as part of the G7 that needs oil exports, but Russia does not like it.
Related Article: White House Wants To Dictate Price Cap on Russian Oil as Energy Crunch Ravages US, Allies
