Oil production. Archival photoMOSCOW, 28 Jun. French President Emmanuel Macron's plan to cap oil prices, which he proposed to the G7 leaders, is doomed to failure and, if implemented, would only exacerbate the energy crisis in Europe, writes Matthew Lynn, columnist for the British edition of The Spectator. gave quite convincing arguments. However, he forgot about one problem — such a strategy will not work, like most price controls. In fact, this will only aggravate the global crisis, «the journalist emphasized. It is noted that forcing countries to buy oil at «necessary» prices are very difficult. Thus, none of the G7 countries is a net exporter of black gold, with the exception of Canada, however, almost all oil produced in its territory is supplied exclusively to the United States. In such a situation, according to the journalist, in order to successfully limit prices it is necessary to convince large oil exporters to «play along» with the G7. This is unlikely, as Saudi Arabia, Russia, Iraq, the United Arab Emirates and Nigeria are among them, all of which are profiting from high prices, the author noted. jpg» />Cyprus did not support the idea of banning the transportation of Russian oil to third countries. In addition, Macron's plan could lead to a shortage of black gold in the future and a significant increase in prices for it due to a reduction in investment in the oil and gas sector with the introduction of restrictions, Lynn believes. «In truth, Macron's proposal to introduce cap prices for oil purchases is a game for the public and posturing,» the observer concluded. Earlier, US Treasury Secretary Janet Yellen said that the United States is interested in Russian oil continuing to enter world markets, but at forcedly reduced prices. Later, Yellen made it clear that the discussed mechanism of price restrictions is designed to expand the supply of Russian oil to the world market, despite Western sanctions. The minister said that the initiative is being actively pursued by the United States and its allies, which are facing record inflation after a complete or partial rejection of energy imports from Russia. The G7 summit, chaired by Germany, is being held in the Bavarian castle of Elmau. It started on Sunday and will be completed on Tuesday. The leaders of five countries are present at the summit as guests: India, Indonesia, South Africa, Senegal and Argentina.
