Commentary
The Biden administration is currently focused on pushing China, India, and Japan, along with America’s European allies, to agree to a price cap on Russian oil. The goal is to decrease inflation and mitigate the risk of a global recession—but at the expense of a tough ban on Russian oil. This is detailed in part one of this two-part series.
Even if the world’s biggest economies don’t all agree, the attempt to impose the cap will likely drive the price of Russian oil down further than its current discount, from more than $100 to between $70 and $80 a barrel. China and India, in particular, are set to benefit….