Op-Ed: Put a price cap on Russian oil while the EU hammers out an embargo (via latimesopinion)
A European Union embargo of Russian oil is on the table, and the indications are that all 27 member countries will soon agree to
In early 2020, when the average price of oil fell to $20 per barrel, Russia was happy to supply as much as it does today with the world price currently over $110 per barrel. This is because the cost of producing and distributing Russian oil is low —Any price above that generates pure profit, much of which is now used directly to fund Putin’s war machine.
Russia then has another problem — how to get the oil and refined product to India. There is no pipeline, so everything would need to go by ship. However, the EU and its close allies control the world’s largest tanker fleets, as well as the insurance and other financial services needed to move oil.
Facing a net revenue of $10 per barrel from both EU+ and non-coalition countries, Russia could refuse to sell oil to the world, but its onshore storage is already full, so any export reduction would meanIn some older oil fields, this would lead to immediate and permanent decline in productive capacity, particularly as Russia is cut off from advanced drilling technology for the foreseeable future.
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