Bloomberg convey remarks from a senior US Treasury official on the price cap imposed on Russian oil exports by the US and its allies:
- the US is judging the policy’s performance by whether it’s allowing buyers across the world to negotiate bigger discounts for Russian supplies. “We don’t measure its success just by how many molecules of oil travel under the cap specifically,” Van Nostrand said. “We view it as a market mechanism for changing the oil market’s incentives.”
- US is happy to see Russia keeping the market well-supplied, and it doesn’t want to “disrupt the global oil market in a way that could lead to instability,”
- “Nine months into implementation, the cap is working,”
- the policy has reduced Russia’s revenue
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Global oil prices have risen, Brent:
Earlier:
