Russian oil

Shortly after the Ukraine War started the West place a price cap on Russian oil of $60 per barrel. The idea was to keep Russian oil flowing to prevent rapid price hikes but still reduce oil revenue to Russia. On January 10 this year Biden increased sanctions on Russia oil which will reduce their exports which will cause the price to rise. In addition the sanctions would effect buyers like China and India by including them in sanctions if they purchase Russian oil. Russia has been exporting about one million barrels per day and that will be curtailed which means higher world prices. This is more added pressure on the US to max out oil exports but if the Saudis don't increase exports it means higher gas prices.