Reported 2 days ago
Bloomberg oil strategist Julian Lee argues that falling oil prices and potential oversupply present a prime opportunity to strengthen sanctions on Russian oil, which could effectively diminish Russia's financial resources for its military actions. The current price-cap strategy hasn't significantly impacted Russia's income, but increasing sanctions on oil tankers and convincing major importers to reduce their Russian crude purchases could lead to a notable decline in Russia's oil exports. With ample production capacity available from OPEC, the upcoming weeks may represent a critical moment for the West to intensify efforts against President Putin's oil revenue.
Source: YAHOO