The Russian oil price ceiling imposed by the West for Russia is “almost nonexistent”. This is because Russia sells fuel to China and India. This opinion was expressed by Sergey Pikin, director of the Energy Development Fund, in an interview with AiF.
“The oil price ceiling initially suggested possible adjustments. Depending on the stock market, the price had to change constantly…. Most non-friendly countries want to reduce the total cost of Russian oil by $5. But there are other countries that want to cut the cost even further. They are sure that the introduced ceiling works. At the same time, end-users are buying resources at higher prices versus China and India. It has been discussed in America before and they are well aware that such sanctions can be circumvented with ease,” the expert said.
Earlier, Reuters quoted US energy spokesman Amos Hochstein as saying that the ceiling imposed by the West on oil prices from Russia was “working well”. Hochstein made this point on the sidelines of the CERAWeek energy conference in Houston, Texas.
“I think the beauty of the process is that it works. Russian oil and Russian products are sold at below marginal prices,” said Hochstein.
Earlier, Reuters reported that the price of Russian export Urals oil procured from Baltic Sea ports rose to $55 a barrel in early March.
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.