Now countries not as strong as India and China can buy Russian oil.
Why Europe agreed to the Oil cap:
https://www.cnbc.com/2022/12/02/russia-oil-price-cap-g-7-outline-how-it-is-going-to-work.html
Why is this interesting?
Lower prices for you
Technically Putin can't make as much money(we go back to this).
Oil
Countries can buy with less fears of sanctions
Things to note:
India and China already buy Russian oil at discounts:
https://oilprice.com/Energy/Energy-General/China-And-India-Are-Buying-Russian-Crude-At-A-40-Discount.html
At best this be same price of $60 or bit more for Russian
Venezuela oil is coming back to the market soon as well. Though not as much.
https://www.barrons.com/articles/dont-expect-a-gusher-from-venezuela-oil-deal-with-u-s-51669999900
But now Russia is getting pissy. And now wants to cut productions.
https://oilprice.com/Energy/Crude-Oil/Russia-Balks-At-Stupid-Oil-Price-Cap-Mulls-Production-Cut.html
Guess we back to square one?