Comments by "Ghostlight X" (@ghostlightx9005) on "CNBC International Live" channel.

@WiPri0371 How exactly can you sell to countries who refuse the cap when you cannot get shipping insurance for your tankers to deliver your product because 95% of the world's shipping insurance is provided by countries that want to enforce the price cap?
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@Benzknees OPEC was quite obviously taking the p*ss to humiliate Biden publicly. That will not be their genuine reaction. They want to make cash like everyone else.
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This guy has not bothered to even look at how the price cap will be implemented. The cap will be implemented at the point of shipping insurance and use the fact that there are only 600 tankers on the planet big enough to carry sufficient oil to alternative customers for Russia. And guess where 95% of the shipping insurance and most of those tankers are owned? G7 countries. The idea is that shipping insurance will be refused for any tanker carrying oil that is being sold for higher than the agreed cap. And you cannot dock at any port nor use most shipping lanes without shipping insurance.
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The West is hoping they cut off everything as well. It's the only way the end result they want (zero dependence on Russian energy) can actually happen.
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The West is fine with that. Russia not being able to sell oil AT ALL is the end goal.
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@luckyluke1503 The demand in those countries is a fraction of what Russia was (even still is) selling to the West. Plus China is broke and near economic collapse. Not to mention the sheer impossible logistics of getting oil there. The necessary infrastructure / shipping capacity simply does not exist and is YEARS away. That's assuming Russia could even afford to construct it (very unlikely and needs a lot of tech they can no longer get). It's a pipedream (ha!) basically. Fact is, Russia NEEDS to keep selling oil to EU just to keep itself afloat. That's the only reason they haven't turned it off completely by now. They cannot afford to.
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@consideredthoughts1791 There are only 600 supertankers (i.e the biggest ones) on the planet. And the west controls the shipping insurance for all of them.
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@w.m.e.cantinoobtrader1334 Yes. Yes they do. 95% monopoly in fact.
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They will force the cap by refusing shipping insurance for any tanker carrying oil above the agreed cap. The west supplies almost all of the world's shipping insurance.
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@Benzknees Russia supplies less than 12% of ALL oil used by the world. Exactly how do you create a shortage when you have so little share of the market in the first place? Those that supply the other 88% will simply ramp up production (OPEC alone can do this if they like), thank Russia, and make a killing.
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