G7 leaders meet in Germany
Islam News – At a summit in the mountains of Germany, leaders of the Group of 7 nations embraced an aggressive but untried plan to manipulate the price of oil, the largest commodity market in the world.
The plan — which would put a price cap on Russian oil, but allow it to be sold to the world — is an acknowledgment that Western embargoes have not yet dented Russian oil revenues, while they have driven up gasoline and other fuel prices.
Details still need to be finalized, but American officials said they were confident that the plan could drive down both Russia’s revenues from oil and the price per barrel on global markets.
Over the weekend, the G7 leaders announced plans to invest in infrastructure in less wealthy countries, in part to counter China’s influence. On Monday, China’s government rejected the criticism that its own efforts were “debt traps.”
Source: The New York Times