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Daniel Lacalle — The G7 Cap On Russian Oil Is A Subsidy To China

Summary:
By adding a so-called cap on Russian oil prices to the increasing barriers to develop domestic resources the G7 may be planting the seeds of a commodity super-cycle where dependence on OPEC and Russia increases, instead of decreasing.I repeat what I have been saying for months. The developed economies’ governments are taking their countries from a modest dependence on Russia to a massive dependence on China and Russia.…And making Europe massively dependent on the US, while also strengthening OPEC+.Daniel LacalleThe G7 Cap On Russian Oil Is A Subsidy To China

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By adding a so-called cap on Russian oil prices to the increasing barriers to develop domestic resources the G7 may be planting the seeds of a commodity super-cycle where dependence on OPEC and Russia increases, instead of decreasing.

I repeat what I have been saying for months. The developed economies’ governments are taking their countries from a modest dependence on Russia to a massive dependence on China and Russia.…

And making Europe massively dependent on the US, while also strengthening OPEC+.

Daniel Lacalle
The G7 Cap On Russian Oil Is A Subsidy To China

Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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