""Negotiations are extremely active," Yellen said Tuesday. "I think what we want to do is keep Russian oil flowing into the global market to hold down global prices, and try to avoid a spike that causes a worldwide recession."

"But absolutely, the objective is to limit the revenue going to Russia," she added.

There are different ways the US and EU could accomplish that, Yellen said. But she added the idea of the allies coming together as a buying block, with a cap on the price it's willing to pay, was a "desirable strategy.""

https://markets.businessinsider.com/news/commodities/russian-oil-us-eu-disuss-cutting-revenue-janet-yellen-2022-6

On Tuesday, June 21, 2022 at 5:13:46 PM UTC+8, ltlee1 wrote:
> ""Negotiations are extremely active," Yellen said Tuesday. "I think what we want to do is keep Russian oil flowing into the global market to hold down global prices, and try to avoid a spike that causes a worldwide recession."
>
> "But absolutely, the objective is to limit the revenue going to Russia," she added.
>
> There are different ways the US and EU could accomplish that, Yellen said.. But she added the idea of the allies coming together as a buying block, with a cap on the price it's willing to pay, was a "desirable strategy.""
>
> https://markets.businessinsider.com/news/commodities/russian-oil-us-eu-disuss-cutting-revenue-janet-yellen-2022-6

This goes to show US needs oil from Russia to keep Americans happy with cheap gasoline. She knows every American needs a car for their own use. Each of them depends on car as their personal transport and not bus and train. Hence, she wants to keep Russian oil flowing into the global market but mainly it will flow to their advanced allies first.

On Tuesday, June 21, 2022 at 5:13:46 PM UTC+8, ltlee1 wrote:
> ""Negotiations are extremely active," Yellen said Tuesday. "I think what we want to do is keep Russian oil flowing into the global market to hold down global prices, and try to avoid a spike that causes a worldwide recession."
>
> "But absolutely, the objective is to limit the revenue going to Russia," she added.
>
> There are different ways the US and EU could accomplish that, Yellen said.. But she added the idea of the allies coming together as a buying block, with a cap on the price it's willing to pay, was a "desirable strategy.""
>
> https://markets.businessinsider.com/news/commodities/russian-oil-us-eu-disuss-cutting-revenue-janet-yellen-2022-6

It is clear that US sanction on oil and gas supplied to EU from Russia has not worked. EU energy minister talked big that EU is ready to accept gas cut-off by Russia, as they have alternative to go into solar energy. But all these "talk shows" showed that they have not even cancelled their gas supply from Russia at all. They are now asking their contractors to disguise for them as purchaser of gas with Russia instead.

That means, on one hand, they are saying to the world and US that they had terminated their gas supply with Russia, but under-their=skirt, they can say their private contractors, which even though had contravened their own laws of sanctions, have already maintaining their supply for them with Russia. They are even permitting their contractors to open bank accounts with Russian banks in order to comply with Russia's required of them to facilitate their payment of gas in Russian rubles first.

Now Yellen is saying the allies are coming together to buy in bulk order so that the price is lower for them than selling to other countries. This showed how wicked US is when comes to buying oil and gas for the benefits of themselves and their own European and Western allies. Henceforth, Russia should put a stop on selling of gas and oil to them until they stopped supply weapons to Ukraine and also stopped interfering the internal affairs of China in taking back Taiwan.

US and EU should be made to sign a declaration on this non-interfering and not to sell or supply of weapons to Taiwan. In the event of their breaking of them, they will have to agree that their ships supplying them will be disrupted and goods and ships seized and confiscated and crews be jailed for 20 years. They will have to pay a high financial penalty for breach of declaration, such as they should pay 100 billion in cash compensation, and to pay 300% more in price for their gas and oil purchase. For suffering, their yearly purchase will be reduced to 10% for 20 years. The excess Russian supply of gas and oil will then be sold cheaply to poor countries. Poor countries must not resold their cheap gas and oil to any country. If they were found and caught, they will have to pay a heavy penalty and be banned from purchase with Russia for 10 years.

Hence, Russia should use these levers to protect their interest and their friend, China, too. It is good for the world order to prevent hooligan and gangster behaviors developed and formed by US and EU and their allies, too.

On Tuesday, June 21, 2022 at 5:13:46 AM UTC-4, ltlee1 wrote:
> ""Negotiations are extremely active," Yellen said Tuesday. "I think what we want to do is keep Russian oil flowing into the global market to hold down global prices, and try to avoid a spike that causes a worldwide recession."
>
> "But absolutely, the objective is to limit the revenue going to Russia," she added.
>
> There are different ways the US and EU could accomplish that, Yellen said.. But she added the idea of the allies coming together as a buying block, with a cap on the price it's willing to pay, was a "desirable strategy.""
>
> https://markets.businessinsider.com/news/commodities/russian-oil-us-eu-disuss-cutting-revenue-janet-yellen-2022-6

Crude price (Brent) has dropped from its $110+ high.
https://d3fy651gv2fhd3.cloudfront.net/charts/commodity-crude-oil.png?s=cl1&v=202102011337V20200908

And the EU buyer cartel working to reduce Russian profit is again at the front burner.
"BALI, Indonesia — The European Union on Saturday urged China and India to join the
G-7 initiative to apply a cap on Russian oil prices, saying it is unfair for countries to pay
excess revenues to Moscow amid the Kremlin’s war in Ukraine.

The G-7 nations announced Friday that they agreed on a plan to impose a set price on
Russian oil.

The policy is designed to reduce the profits that Russia makes from selling oil and acts
as another punitive measure against the Kremlin over its onslaught in Ukraine.

Details of how the price cap will work are still being finalized, but energy analysts have
raised concerns about this plan, in particular about whether key consumers such as China
and India will join in."

But
1.) Expected inflation, and
2.) the US depresses oil price by drawing down it Strategic Petroleum Reverse at around
1 million barrel a day as announced earlier, * **
https://www.spr.doe.gov/dir/dir.html

the question is:
Is crude price around the bottom now?
Or how low can it goes?

***Looks like Australia had paid the US with some of its SPR stored in the US in August.

On Saturday, September 3, 2022 at 10:02:55 PM UTC+8, ltlee1 wrote:
> On Tuesday, June 21, 2022 at 5:13:46 AM UTC-4, ltlee1 wrote:
> > ""Negotiations are extremely active," Yellen said Tuesday. "I think what we want to do is keep Russian oil flowing into the global market to hold down global prices, and try to avoid a spike that causes a worldwide recession."
> >
> > "But absolutely, the objective is to limit the revenue going to Russia," she added.
> >
> > There are different ways the US and EU could accomplish that, Yellen said. But she added the idea of the allies coming together as a buying block, with a cap on the price it's willing to pay, was a "desirable strategy.""
> >
> > https://markets.businessinsider.com/news/commodities/russian-oil-us-eu-disuss-cutting-revenue-janet-yellen-2022-6
> Crude price (Brent) has dropped from its $110+ high.
> https://d3fy651gv2fhd3.cloudfront.net/charts/commodity-crude-oil.png?s=cl1&v=202102011337V20200908
>
> And the EU buyer cartel working to reduce Russian profit is again at the front burner.
> "BALI, Indonesia — The European Union on Saturday urged China and India to join the
> G-7 initiative to apply a cap on Russian oil prices, saying it is unfair for countries to pay
> excess revenues to Moscow amid the Kremlin’s war in Ukraine.
>
> The G-7 nations announced Friday that they agreed on a plan to impose a set price on
> Russian oil.
>
> The policy is designed to reduce the profits that Russia makes from selling oil and acts
> as another punitive measure against the Kremlin over its onslaught in Ukraine.
>
> Details of how the price cap will work are still being finalized, but energy analysts have
> raised concerns about this plan, in particular about whether key consumers such as China
> and India will join in."
>
> But
> 1.) Expected inflation, and
> 2.) the US depresses oil price by drawing down it Strategic Petroleum Reverse at around
> 1 million barrel a day as announced earlier, * **
> https://www.spr.doe.gov/dir/dir.html
>
> the question is:
> Is crude price around the bottom now?
> Or how low can it goes?
>
> ***Looks like Australia had paid the US with some of its SPR stored in the US in August.

India is buying cheap from Russia and then resell to Western countries at much higher price and hence they made a huge profit from them.