The United States continues its efforts to bring down the price of oil. Negotiations, pressure, sanctions - the White House uses all possible tools not only to stem a surge in global crude prices but also to lower the quotes. The country's authorities warn that this if left unchecked could pose a serious threat to the world community.
Washington has tipped off that the global price of oil could rise to $140 per barrel if a proposed price cap on Russian oil is not adopted. According to US Treasury officials, such a step is necessary. The goal of the United States is to set a price cap at a level that would cover Russia's marginal cost of production but would not allow Moscow to fund its special operation in Ukraine, a source in the department said. In this case, the Kremlin will retain its interest in oil exports.
Leaders of the Group of Seven rich democracies are also exploring ways to cap the price of Russian oil. They are considering imposing a ban on transporting Russian oil that has been sold above a certain price agreed by international partners. Moreover, the reason for this is more than serious. Global oil prices could soar to a "stratospheric" $380 per barrel if Russia considerably curtails crude production in response to EU and US sanctions, JPMorgan analysts believe.
