New Delhi: We should consider the expected outcome because if the ban is successful then the prices will go up. If the goal is to reduce Russian crude supply and influence Russia, you will actually cause the price to rise and put pressure on Russia, which in turn will put real pressure on consumer countries to buy available crude.

To be honest, a price range works in a way that makes it difficult to have your cake and eat it too. There are challenges, and as we can see in the past with sanctions against Venezuela and Iran, markets often find a way around some of these sanctions. This takes the decisions into very murky territory.

The current state of the economy is finally balanced, which is why OPEC Plus has decided to adopt a wait-and-see strategy. Russian crude could be taken off the market at the rate of one million barrels per day in the coming months. There are many uncertainties, which is why OPEC Plus has decided to maintain a wait-and-see stance. In addition to excess crude, if Europe stops buying, that also comes into the picture.

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This seems premature to me. It is very challenging to work in an environment where there is a global recession and the world economy is deteriorating.

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With China being a major consumer of crude oil and other raw materials, it is particularly difficult to predict when their demand will start to recover. The global economy is currently stuck between a rock and a hard place.

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There have been additional signs that the lockdown is loosening, but if China returns, prices will slow down again and demand will diverge as a significant amount of demand returns to the market, which could have a significant impact on prices .