Russian Oil Price Cap Will Fuel Energy Crisis – OpEd

West Texas Intermediate (WTI) and Brent crude futures were volatile during the holiday-shortened trading week amid plans to impose a price cap on Russian oil. The policy is poised to go into effect on Dec. 5 when the European Union establishes a boycott on nearly all of Moscow’s petroleum products. Officials are still debating the level, with the proposal in the range of $65 to $70. But while Western governments are championing the idea, will this exacerbate the global energy crisis? The next six months should be fascinating to monitor the international oil and gas markets.