OPEC+ Output Cut Is Mostly a ‘Political Snub' and Sends Symbolic Message, Analysts Say
"It's more of a political snub to President [Joe] Biden as well as the European Union, signaling that OPEC is going to go its own way and they want to protect those higher prices," said Andy Lipow of Lipow Oil Associates, who also mentioned that the cut was"quite paltry."
"[It] doesn't look like India is really about to sign on here. And neither is China," Wald said. She explained that even if some countries agree on not buying oil from Russia, other countries like India and China could purchase those barrels at a discount. Similarly, Lipow said the price cap is inviable because both China and India are"already benefiting from deeply discounted Russian oil" and have nothing to gain by getting on the bandwagon.
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