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U.S., European Allies Try to Restrain Global Oil Prices
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WASHINGTON—The U.S. and its allies are searching for ways to limit further surges in global oil prices, attempting to balance efforts to cut off Russia’s revenue from its energy sales while shielding the global economy from a possible recession.
Treasury Secretary Janet Yellen said this week that the U.S. was involved in “extremely active” talks with European allies about efforts to form a buyers’ cartel and set a cap on the price of Russian oil. A goal in the talks is to keep Russian oil available on global markets to buyers such as India and China, which could help stabilize prices already trending at roughly double prepandemic levels, while constructing a mechanism Western countries could use to restrict Russian revenues from the sales.
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