That’s funny that Japan thinks it can cap oil prices as a buyer. I think I will cap the price of an F150 pick up at $25,000 for a 2022 model.
Its the end of globalization. Xi and Putin have called it, its just that no one in government in the wok west wants to admit it.
For 30 years, we had a unipolar world, with the USA at the top, and the USD has the world's major reserve currency. China and Russia followed that system, shipping us cheap crap and energy for printed US dollars. Woke leftists thought - "we can simply eliminate gas and oil, and put up expensive windmills and china-made solar panels. We can also force social engineering on everyone with the power of the US Dollar, and they have to follow us!"
Wall Street said "great! and we can saddle everyone with debt while we get ever-cheaper stuff from Asia and Russia."
That game has just ended.
All they really have to do to get lower oil prices is wait. WTI is 99.65 right now. Down 8% for the day.