
Sign up to save your podcasts
Or


Western powers, particularly the Group of Seven wealthy nations are working to fix a price cap on Russian oil. They expect major buyers in the West, Australia included, will comply and not buy Russian oil above the price cap. Their hope is that even countries that don’t formally subscribe to the cap, will use the opportunity to negotiate with Russia and buy the Urals crude at prices cheaper than even the price they now get – which is said to be at a 20-30% discount to global oil prices. The idea is to allow Russian oil to continue to flow in the global markets so that supply constraints don’t drive up prices and hence strengthen the possibility of a global recession that is already on the horizon.
There's no saying if this will take off or fall apart, but the U.S. Treasury Department has been able to convince the G7 to go along with the proposal. We have with us today, David Wessel, Director, The Hutchins Center on Fiscal and Monetary Policy, Brookings Institution, and a two-time Pulitzer Prize winner as a journalist, to share some perspectives with us.
Learn more about your ad choices. Visit megaphone.fm/adchoices
By The Hindu4.5
3737 ratings
Western powers, particularly the Group of Seven wealthy nations are working to fix a price cap on Russian oil. They expect major buyers in the West, Australia included, will comply and not buy Russian oil above the price cap. Their hope is that even countries that don’t formally subscribe to the cap, will use the opportunity to negotiate with Russia and buy the Urals crude at prices cheaper than even the price they now get – which is said to be at a 20-30% discount to global oil prices. The idea is to allow Russian oil to continue to flow in the global markets so that supply constraints don’t drive up prices and hence strengthen the possibility of a global recession that is already on the horizon.
There's no saying if this will take off or fall apart, but the U.S. Treasury Department has been able to convince the G7 to go along with the proposal. We have with us today, David Wessel, Director, The Hutchins Center on Fiscal and Monetary Policy, Brookings Institution, and a two-time Pulitzer Prize winner as a journalist, to share some perspectives with us.
Learn more about your ad choices. Visit megaphone.fm/adchoices

154 Listeners

12 Listeners

56 Listeners

62 Listeners

89 Listeners

102 Listeners

42 Listeners

24 Listeners

12 Listeners

2 Listeners

15 Listeners

9 Listeners

9 Listeners

95 Listeners

12 Listeners