The Russian oil price cap that went into effect Monday could, over time, be an important Western counterweight to OPEC in determining world oil prices.
After months of wrangling, the mechanism to try to cap prices of Russian crude oil shipped by sea went into effect on Monday.
But it's also supposed to provide incentives for Russia to keep producing the oil which the world economy still needs. India and China are now buying most Russian crude.No one knows how effective the new price-capping plan will be at achieving those goals. While Russia is its current focus, such a group could perhaps be a plausible counterweight to OPEC, the cartel of oil-producing countries that has tried to maximize revenues for its members since it was established in 1960."If you're OPEC, you're looking at this and you're saying, 'Wait.
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