Post by
twinjett on Nov 23, 2022 9:56am
Confused on Russia price cap
This is confusing but the way I read the new price cap of $65 to $70.00 is that EU countries can purchase tanker delivered oil from Russia at $65 . The C7 nations control all the insurance companies that insure the tankers. IAcourse everyone will want to purchase this oil. China and India have been buying Russian oil at this price for several months.
So if someone bids higher for the oil say $72 then the C7 Nations won't insure the shipment so there is no delivery at higher prices.
But China and India have been buying this oil so why would Russia agree to sell to the EU when Russia is trying it's best to freeze all the EU with no heat this winter. Nothing will really change as China and India will just continue to buy up all the Russian oil just like they have been doing. I don't see anything being different than what it already is.
Comment by
Franman184 on Nov 23, 2022 10:03am
Rumour has it Russia has purchased 20 old tankers to ship Russian oil to avoid the insurance issue. Could be potential enviromential hazard if the old tankers need to be retired and are not 100 percent sea worthy.
Comment by
HighOctane89 on Nov 23, 2022 10:13am
to avoid the insurance issue. Could be potential enviromential hazard if the old tankers need to be retired and are not 100 percent sea worthy. That doesn't matter , Putin could buy 1000 tankers and all will be refused entry to any democratic port without insurance . No policy , no entry !!!!!
Comment by
Chrisinvan7 on Nov 23, 2022 11:00am
There's no delivery of Russian oil at any price other than market, they've been very clear. This price cap is an asenine idea that will fail miserably, price controls ONLY lead to shortages and black markets, this is a fact as constant as gravity.. https://english.almayadeen.net/news/economics/russia-to-reduce-production-under-possible-price-cap:-novak