Russian oil price cap to hit EU hardest - Chinese newspaper

A price cap on Russian oil being enforced by the European Union will boomerang on Europe itself, the Global Times reported on Monday, citing Chinese experts.

Instead of envisioning a soothing impact on energy prices, European countries should ready themselves for even costlier energy bills, Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University, told the Global Times on Sunday.

At the same time, experts also predicted another possibility: the OPEC+ alliance led by Saudi Arabia and Russia might reach a consensus on moderate production cuts to maintain the stability of international oil prices.

Such positivity will directly make the West's price limit agreement to not have the desired effect, it'll just be a diplomatic propaganda, Zhang Hong, an associate research fellow at the Institute of Russian, Eastern European & Central Asian Studies of the Chinese Academy of Social Sciences (CASS), told the Chinese newspaper.