A historic fiasco is approaching the US and Europe due to oil prices from the Russian Federation – media

The Hill reported that the West will suffer a historic fiasco due to the ceiling on oil prices from Russia

A historic fiasco is approaching the US and Europe due to oil prices from the Russian Federation - media
The introduction of a ceiling on Russian oil prices will turn out to be a failure for the US and Europe, writes Peter Doran for The Hill.

“The price ceiling for Russian oil has all the signs of a looming historic fiasco. Currently, there is virtually no free oil left on the world energy market. Therefore, there is a high risk that after the introduction of restrictions, oil prices will skyrocket”, the publication says.

The author of the article said that back in the summer the United States and its allies considered such a step an elegant solution to the problem of reducing Russia’s income, but now the situation has changed in the opposite direction.

“A price ceiling of $60 per barrel is beneficial for Russia because the cost of producing Russian oil is between $20 and $40,” the article concluded.

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