The US is in "extremely active" discussions with European countries aimed at limiting the revenue Russia can get from selling oil, said US Treasury Secretary Janet Yellen, while stressing that it is "practically impossible" for the US to shield itself from oil market shocks such as those caused by the Russian invasion of Ukraine, so a shift to renewable energy sources is important.
Yellen told the Senate Finance Committee that U.S. officials want to keep Russian oil flowing into the global market to hold down prices and avoid a surge that could cause a global recession.
"However, absolutely, the goal is to limit the revenue going to Russia," he said, adding that there are different ways to achieve that, including a possible move by buyers to band together and limit the prices they pay Moscow.
At the same time, he pointed out that US oil producers did not anticipate the recovery in demand and prices after the Covid-19 pandemic, but are now motivated to increase production.
Source: APM
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