Julian Lee, Columnist

Oil Price-Cap Fantasy Doesn’t Mean Failure: Elements by Julian Lee

It doesn’t matter if big buyers shun the cap, as long as they negotiate hefty discounts.

September 8, 2022 at 11:29 AM UTC

Julian Lee is an oil strategist for Bloomberg. Previously, he was a senior analyst at the Centre for Global Energy Studies.

A tanker discharges Russian crude in Romania.
Photographer: Nathan Laine/Bloomberg

Provide news feedback or report an error

Site feedback:

Take our Survey

This article is for subscribers only.

Hi, this is Elements, Bloomberg’s daily energy and commodities newsletter, where we bring you a blend of commentary from Bloomberg Opinion writers and the best of our market-leading news coverage. If you haven’t signed up for delivery straight into your inbox, you can do that here.

I have previously described the US Treasury’s plan to impose a price cap on Russian oil exports as a fantasy. I stand by that description, but that doesn’t necessarily mean it won’t be a success.