(Morning News) The Seventh Kingdom Group (G7) Friday (September 2) announced that it will take the "emergency" operation to implement the upper limit of the price of oil on Russia to curb Russia from soaring oil prices to obtain the soaring oil prices.Huge interests.
G7 Treasury Secretary stated in a statement that they will hurry up and implement related work, but do not specify the upper limit level.
German Finance Minister Lindner pointed out at a press conference: "Russia is obtaining economic benefits from the uncertainty caused by the energy market caused by the war, and obtaining huge profits from the export of oil."
Lindona said that the G7 member states want to" limit Russia's income and reduce social economic losses ". This mechanism aims to prevent Russia from using huge profits from the energy market and continue to invade Ukraine. At the same timeIt is also hoped to use this to reduce Russian oil prices and promote the decline in global energy prices.
The Kremlin responded on the same day that Russia would stop selling oil to countries that support the implementation of prices, saying that Russia would transport oil to countries that comply with market rules.
Reuters reports that the implementation price limit may be counterproductive, or the global energy prices may rise.
The price of international benchmark Brent crude oil is $ 90 to 100 per barrel (about 126 to S $ 140). After being sanctioned by Western oil, Russia exported oil at a discount of $ 18 to 25 per barrel.
Due to the low cost of production in Russia, the cost is 3 to 4 US dollars per barrel. Even if the price of oil is discounted to $ 25 to $ 30 per barrel, Russian companies can still profit from it.Therefore, some activists advocate formulating a very aggressive price limit.
The recent data released by the International Energy Agency shows that despite the decline in Russia's oil exports, due to the rise in oil prices, Russia's oil export revenue increased by 700 million US dollars from the previous month, 40%higher than last year.
