Yellen Says Softer Oil Market Could Mean More Action on Russia

The transcript discusses the administration's consideration of new sanctions on Russian oil, focusing on impairing Russia's ability to continue its war efforts by targeting oil revenue. It highlights creative policy measures like the price cap on Russian oil, which helped maintain market stability. The current global oil market is well-supplied, with low prices and increased production from American firms and OPEC countries, presenting opportunities for further action.

What is the primary goal of the new sanctions being considered on Russian oil?

• To increase global oil prices

• To reduce American oil production

• To support Russian oil exports

• To impair Russia's ability to continue its war efforts

How did the Treasury Department aim to prevent oil price spikes?

• By reducing OPEC's oil output

• By cutting off Russian oil from the market

• By imposing a price cap on Russian oil

• By increasing American oil production

What has Russia done in response to the sanctions affecting its oil exports?

• Invested in its own fleet of ships

• Partnered with American firms

• Increased its oil prices

• Reduced its oil production

What is the current state of the global oil market?

• It is facing a shortage of American oil

• It is dominated by Russian oil exports

• It is well-supplied with low prices

• It is experiencing high demand and low supply

Which countries have excess oil production capacity at this time?

• United States and Canada

• Russia and China

• India and Brazil

• Saudi Arabia and other OPEC countries