Oil prices could top $400 a barrel if Japan's crude price cap idea is adopted, says former Russian president
- Oil could exceed $300 to $400 a barrel if
Japan's idea for a price cap on Russian crude is implemented, said a former Russian president.
- "There will be significantly less oil on the market, and its price will be much higher,"
Japan recently proposed a price cap on
Under the plan, Russian oil would be capped at around half the current price, but Japan would "have neither oil nor
"There will be significantly less oil on the market, and its price will be much higher," he wrote on social media, according to Reuters. "Moreover, higher than the predicted astronomical price of $300 - $400 per barrel."
The warning comes after President Vladimir
Meanwhile, at the end of June, G7 leaders discussed a Russian oil price cap to squeeze Moscow's finances and ability to fund its war in Ukraine. The talks included other nations, too, like India and South Africa.
"We want to make sure the goal is to target Russia and not to make our life more difficult and more complex," European Council President Charles Michel said, according to the Financial Times.
On Tuesday, oil dipped below $100 a barrel as growing fears of a recession caught up to the market. Top analysts, however, are saying that the sell-off may have been overdone, and that prices will remain hot as production drops off in Russia.
"While the odds of a recession are indeed rising, it is premature for the oil market to be succumbing to such concerns," Goldman Sachs analysts wrote in a Tuesday note.
- A laid-off Microsoft software engineer on an H1-B visa said she wonders 'where will I be living' with just 60 days to find a new job
- Mark Zuckerberg just ushered in a new era of tech, where profitability and efficiency trump perks and culture
- A Google engineer found out she had been laid off while she was on vacation when her boss sent her a LinkedIn message
- BYJU's to miss March 2023 deadline for group level profitability, results delayed again
- Dedicate Mumbai coastal road to Lata Didi, urges Mangeshkar family
- Adani Transmission reports 78% rise in Q3 net profit to ₹475 crore on one-time income
- Young boy builds an online kabadiwala biz after being inspired by his uncle's scrapyard 'heaven'
- India's share in global oil demand expected to rise to 11%, gas to 500%: PM