• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 30 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 11 days Does Toyota Know Something That We Don’t?
  • 11 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 5 days America should go after China but it should be done in a wise way.
  • 14 hours World could get rid of Putin and Russia but nobody is bold enough
  • 11 hours How Far Have We Really Gotten With Alternative Energy
  • 1 day The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 2 days Even Shell Agrees with Climate Change!
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Oman Increases Its Appeal To China And Iran With Game-Changing Duqm Project

Oman Increases Its Appeal To China And Iran With Game-Changing Duqm Project

The long-awaited US$8.5 billion 230,000-barrels…

U.S. Treasury Secretary: A Russian Oil Price Cap Will Benefit China And India

The U.S.-led initiative seeking to set a ceiling on the price of Russian oil sold on international markets will benefit China, U.S. Treasury Secretary Janet Yellen told media today on the sidelines of the G20 summit.

"We see the price cap is something that benefits China benefits India, and benefits all purchasers of Russian oil," Yellen said, as quoted by Reuters.

In her statement, the U.S. Treasury Secretary also said that China’s current buying of Russian crude was “completely consistent” with the West’s plans to keep Russian crude flowing into international markets.

Yet China, like India, has refused to join the price cap effort despite attempts by the U.S., and specifically Yellen, to get them on board with the argument that a price cap would make their imported Russian oil more affordable. Russia has said it would not sell oil to countries supporting the cap.

A few days before her statement on China, Yellen said she hoped India would take advantage of the price cap, again noting that it would make Russian oil cheaper for importers.

In a separate statement from earlier today, the U.S. Treasury Secretary said the U.S. had no problem with India not taking advantage of the cap but noted that this would mean Indian buyers of Russian crude would have to forego using Western insurance, financing, and shipping services, as those would be tied in the cap scheme.

Most analysts have pointed out China and India as crucial for the success of the price cap scheme because they are the biggest buyers of Russian oil. At the same time, the countries that devised the cap scheme – the G7 - all have already active or pending bans on Russian oil, meaning they will not be importing any Russian crude in a couple of months anyway, so the cap makes zero sense for them.

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News