Both sides lost from the oil price ceiling

Marcel Salikhov, President of the Institute for Energy and Finance, took part in the Middle East conference of the Valdai Club and assessed the consequences of the introduction of a price ceiling of $ 60 per barrel of Russian oil.

Both Europe and Russia lost from the introduction of a price ceiling of $ 60 per barrel of Russian oil. Moscow has lost revenue, and the West has received an increase in resource prices, Marcel Salikhov said at the Valdai Club Middle East Conference in Moscow on March 1, according to the Argumenty i Fakty news outlet.

"In November, the discount on Russian oil was $23 per barrel, now it is $32 per barrel. The discount increased by $10 per barrel. But prices have also increased. Both sides suffer losses from the price ceiling – Europe due to high prices, Russia due to the loss of markets. And only the Middle East, which replaces Russian oil in Europe, benefits from high oil prices," the expert noted.