Capping Russia’s oil profits…

Photo caption: Russian oil fields at sunset. Photo credit: Getty Images / Olga Rolenko. Article by Amitrajeet A. Batabyal. The Conversation – October 4, 2022.

The world as we know it cannot function without oil, giving oil-producing countries an advantage economists call market power. Nations that produce oil are able to set the price, while countries that rely on oil have little choice but to buy it at prices determined by the seller. While this asymmetry in market power generally favors the seller, in response to the war in Ukraine, a group of global oil buyers are trying to leverage their economic purchasing power to weaken Russia’s strength as a major global oil producer. […]

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