Tag
RUSSIAN OIL
The effectiveness of the price cap has been debatable over the years by economists.
OPEC has revealed that it is impossible for other oil producers to replace Russian supply as that additional capacity does not exist.
The European Commission has proposed a total ban on Russian oil imports to the European Union.
The world's largest independent oil trader, Vitol Group, intends to cease trading crude and products originating from Russia by the end of the year.
The world's leading commodities traders have warned that sanctions on Russia are putting a squeeze on diesel markets.