Posted on 12/03/2022 10:41:52 AM PST by Mariner
YIV, Ukraine (AP) — Russian authorities rejected a price cap on the country's oil set by Ukraine’s Western supporters and threatened Saturday to stop supplying the nations that endorsed it.
Australia, Britain, Canada, Japan, the United States and the 27-nation European Union agreed Friday to cap what they would pay for Russian oil at $60-per-barrel. The limit is set to take effect Monday, along with an EU embargo on Russian oil shipped by sea.
Kremlin spokesman Dmitry Peskov said Russia needed to analyze the situation before deciding on a specific response but that it would not accept the price ceiling. Russia's permanent representative to international organizations in Vienna, Mikhail Ulyanov, warned that the cap's European backers would come to rue their decision.
“From this year, Europe will live without Russian oil," Ulyanov tweeted. "Moscow has already made it clear that it will not supply oil to those countries that support anti-market price caps. Wait, very soon the EU will accuse Russia of using oil as a weapon.”
(Excerpt) Read more at yahoo.com ...
Now they say they won't pay above $60.
Russia says they will not sell at that price.
Russia will win this one.
They’ll just sell to Asia, and India or whoever will sell the global commodity they don’t use.
Meanwhile European citizens will pay the true price.
Its utterly asinine. If $60/barrel is good, why don’t they just “mandate” $30/barrel - even better!
The whole discussion has been a Brussels/DC government-bureaucrat circle-jerk - a sign of their total arrogance and bubble-thinking.
Gee, maybe I should try that at my gas station. “Not a penny over two bucks! You hear? Stop laughing!”
Is Russia going to eat their oil?
China and India we’re buying some of the oil at a much discounted price for a while, but then they stopped buying it so much. It’s going to hurt Russia because they’re going to have to sell it a bigger discount.
It’s going to hurt normal Europeans far worse.
Their leaders, as are ours, are globalist trash.
There's another whole side to that equation.
What will buyers/consumers do when that supply disappears?
“Is Russia going to eat their oil?”
They won’t have to.
The G7 and EU will buy it at market rate...or higher through intermediaries.
Looks like oil is going for about $80-$85/bbl.
Imagine walking into a fancy restaurant with a coupon that you made yourself that you get your meal for 25% off. Manager says “no, that’s not how coupons work.” And your response is “well, I’ve handed out hundreds of these coupons. You’ll have to take them eventually.”
Yes, if the turn it into fertilizer they will have bumper crops.
Russia has no easy way to transport oil to markets in China and India. The vast majority of oil exports travel via pipeline over land. In case you haven’t been paying attention all of the geopolitical hot spots over the last few decades have been over determining where those pipelines are going to run.
In fact it just so happens the land taken in Ukraine by Russia is exactly where the oil is.
The west thought it could control oil tankers by denying maritime insurance which is also having an effect on the movement of Russian oil.
> Gee, maybe I should try that at my gas station. <
I tried that at a convenience store just last week. “I’ve put a price cap on your Snickers bars,” I declared. “Fifteen cents each.”
The Pakistani who runs the place wasn’t amused. Or maybe he just didn’t understand the concept of price caps. Anyway, I’m banned from the place.
I believe, per Big Mike in Missouri, one can just strong arm robbery a Paki and walk out...
Unexpected.
This will not work.
I would say FU and lower the cap to $40!!!
Man, I HATE Russia!
they should try telling their crack dealer that and see how far it gets them...
Gee, maybe I should try that at my gas station. “Not a penny over two bucks! You hear? Stop laughing!”
—
Two-bucks? Sure. For a half-gallon. :-)
Gee is this really a surprise? NATO has reached peak chutzpah thinking they can dictate the price of oil they are willing to pay. Russia isn’t Saudi Arabia, and even Saudi Arabia has moved to accepting alternative payments other than the dollar.
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