Sergey Kolobanov, Deputy Head of the Central Strategic Research Center for the Economy of the Fuel and Energy Sectors, said that lowering the oil price ceiling would be unprofitable for the United States, as the mechanism also has the opposite effect – affecting prices for American producers, reports DEA News.
“Even before the ceiling was applied, our companies were given access to new markets mainly through the provision of discounts. And this forced dumping, which intensified after the ceiling was introduced, has a downward effect on overall world oil prices: If you can save on supply from Russia, why buy expensive from someone else?
He added that Russian dumping is currently affecting the prices of US producers, who ship a significant portion of their products to Europe.
Maxim Kanishchev, former Director of the Anselm Research Center expression The view that calls by some EU countries to lower the price ceiling for Russian oil is a PR stunt
Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.