This is really the western cartel in action. Opec will be in distress within the next few months. US and EU oil companies will have more mixed results. It is not like POS is necessarily hurt by this.
Following protracted negotiations, European Union diplomats set a price limit of $60 a barrel that they and their allies will try to enforce for buyers of Russian oil.
On NPR tonight Opec will be meeting soon. May cut supplies of oil.
The quantity on the market is less of an issue. We are in unison putting our feet down and not paying. Saudi Arabia can sell us less but we will pay less. Or SA wont sell any oil. That is not in the kingdom’s playbook. MBS would face some hard times without the revenue. His life might be altered. The unwritten rules of dictatorships for dumbies.