Putting a price cap on Russian oil exports: yet another square plug in a round hole!

[hemanthaa@mail.com + 64]

The West has clearly run out of ideas when it comes to dealing with Russia and surging oil and gas prices. The latest, reported in the media, is not going to make any difference to the war or the skyrocketing global inflation that may result in a recession.

At least, the talk of price cap on Russian oil exports is an admission that there is still a flow of Russian oil to the Western nations; the development offers harmless darts to the nations such as India and China for tickling, which are on a happy buying spree, to hit back at the West for doing the same - on a reduced scale.

With the enthusiasm to reviving the JCPOA, 2015 Iranian nuclear deal, on the wane, there is little hope of boosting the global oil supply, even if President Biden meets the Saudis in July, because Russian influence is still in the OPEC+ for all to see.

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