Forbes reveals how the price ceiling for oil will turn out for the West

MOSCOW, 18 Oct – PRIME. The introduction of a price ceiling on oil can only exacerbate global instability, writes Forbes.

Europe has sobered up. In China, they spoke about the change in the course of the EU towards the United States

It is noted that to date, some countries have not yet given unequivocal consent to the introduction of restrictions. Most likely, they fear that this is more a matter of geopolitics.

The publication recalled that OPEC and allies have decided to cut production by two million barrels, and this could lead to a price jump, while Europe, together with the United States, is struggling to contain it.

In addition, US lawmakers remembered a bill called NOPEC – “No OPEC.” However, according to Forbes, any attempts to increase supplies by putting pressure on the cartel are doomed to failure, while prices will remain the same. In addition, the newspaper notes, there are other countries that produce energy and are not members of OPEC – and attempts to coordinate their work on oil production will also turn into a collapse.

The Forbes material emphasizes that the idea of ​​the West to set a price ceiling will only accelerate a new round of global instability.

In addition, Gazprom may stop deliveries of natural gas to Europe if this limit is introduced.

“If electricity prices jump as a result, the outcome of the price cap will be the exact opposite of its original purpose,” the article notes. So it is very difficult to view this plan in an optimistic way – although its supporters are sure that they have good intentions.

“The best argument for this policy is probably that doing something is better than doing nothing. But even that is not guaranteed,” the article concludes.

On October 6, the EU approved the eighth package of anti-Russian sanctions, which involves the introduction of a ceiling on prices for Russian oil, as well as trade restrictive measures for seven billion euros.

US Treasury Secretary Janet Yellen, in a recent speech, announced the possibility of setting a price ceiling for Russian oil in the region of $60 per barrel. True, she noted that her words about restrictions should not be seen as a reflection of the collective decisions of Western countries.

Russian President Vladimir Putin said that Russia would not supply energy resources to states that would limit their prices.