The ban on imports and the ancillary measures (including the price cap, set at 60 dollars a barrel) will have repercussions, but it is difficult to evaluate them except in retrospect. At the next summit, scheduled for Sunday 5 December, OPEC+ could stall
by Sissi Bellomo
(Afp)
A tsunami is about to hit the oil markets. Russia is responsible for 10% of global crude oil production and it is impossible for the European embargo to leave no consequences, regardless of the effectiveness or otherwise of the price cap wanted by the G7. The crux of negotiations in the EU unraveled on Friday evening, when Poland too agreed to converge on a ceiling of 60 dollars a barrel, roughly in line with the current assessments of Russian Ural crude. But that’s not enough to clarify…
