Will he still be laughing when China and India dictate the price they’re prepared to pay and it’s barely above the EU price cap? What does Russia do if its remaining buyers don’t even offer that much?
Yes he will, Russia is pretty much tied with Saudi Arabia as the largest crude exporter in the world. If Russia stops selling oil for a couple weeks and 12% of the worlds supply disappears overnight price of a barrel of oil will skyrocket.
If OPEC+ sides with Russia because they don't like price controls on their product and they collectively reduce their outputs like they have in the not too distant past... Everyone pays far more for crude.
Will he still be laughing when China and India dictate the price they’re prepared to pay and it’s barely above the EU price cap? What does Russia do if its remaining buyers don’t even offer that much?
Yes he will, Russia is pretty much tied with Saudi Arabia as the largest crude exporter in the world. If Russia stops selling oil for a couple weeks and 12% of the worlds supply disappears overnight price of a barrel of oil will skyrocket.
If OPEC+ sides with Russia because they don't like price controls on their product and they collectively reduce their outputs like they have in the not too distant past... Everyone pays far more for crude.