'Fraid I disagree with you. China and India may ignore the embargo and refuse sanctions....but there's no way they can make up for the 2 million barrels per day that went to Europe via dedicated pipelines before the invasion. China and India can take some of Russia's oil but they can't take that amount. Europe absolutely will have a terrible winter this year, and they almost certainly will have to take Russian oil and gas. However, this isn't a binary "all or nothing" situation. If Europe can reduce its demand on Russian oil and gas, then it reduces Moscow's leverage. The less oil and gas that Europe uses, the more Russia will have to find alternate customers which (a) don't really exist, and (b) requires a huge increase in ocean-going tankers to transport the fuel.
I suspect the G7 cap is as much about seeking to reduce cost impacts on domestic energy users than an attempt at tweaking Putler's nose. I share some skepticism about the likelihood of success...but doing nothing guarantees that average citizens will suffer. OPEC certainly can make its own decisions but its member nations also want to be perceived as being on the side of right, even if they aren't willing to outright jump on the sanctions bandwagon. OPEC intransigence and profiteering may achieve some short-term financial gain but it will prove extremely damaging in the long term...and OPEC can't ignore the "futures" aspect of business.
I'd like to understand the rationale for your statement "sanctions have not and will not work." What's your definition for sanctions actually working? Also, what's your evidence that they aren't working?
Sanctions aren't a silver bullet that will bring Russia to the negotiating table, complete with having to negotiate from a position of weakness. However, it seems pretty clear that sanctions ARE working to the extent that they can. They've effectively isolated Russia from its biggest markets, they've prevented the transfer of technology, and hindered Russia's ability to manufacture replacement weapon systems for the war they started.
OK to disagree. 2-3X price for Gas and Fuel makes up for reduced deliveries. Russia can afford to a.) not ship fertilizer to US/Europe and b.) Shut Nord down completely. All OPEC has to do to a.) Help Russia, and b.) Help themselves, is to reduce output - which they very much intend to do. Iran and Veneuela will continue to produce. What is G7 going to do? Only agree to a phantom price resulting in zero no deliveries - with winter coming to Northern Europe, US/Canada and UK? Who can sustain daily operations better going forward - Russia or the West?
Setting a cap works how - if Russia, Opec and Venezuela/Iran don't fall in line with the cap? You may have missed the memo but OPEC will have no problem ignoring 'futures' unless Global Demand drops catastrophically (i.e. Great Recession/Depression) and the politicians holding the bag trying to explain their own self destruction on Russia will get lame. Don't get me wrong, I am NOT pro Russia. They simply are holding a better hand in this game of Russian Roulette
Everybody (politicians) 'want to stop inflation' because their PEOPLE are getting crushed - but high cost of fuel is just one link in the supply chain disasters across the globe. For the US the policy decisions to 'let them eat cake and buy EV' by trying to force US Producers out of business by killing drilling permits vital to new production of Natural Gas and crude - while killing coal and nuclear power - has artificially driven US producers away from keeping US self sufficient.
I made comments about the Grid. Texas is the most important nodes in the US Energy Grid. We almost took the US down when our feeble wind/solar power supply 2% power generation failed 18 mo ago.We have not fortified sufficiently in that timeframe to guarantee successful navigation through the same events. Some of the Americans on this forum have no fundamental understanding of the fuel for the Grid. Gas has largely replaced Coal (which is abundantly in supply but most plants have been shut down). Nuclear is being shut down. Exploration for Natural Gas via Drilling permits have been shut down. There will be zero return to normalcy in Energy grid supply if we have a major catastrophe and have to fire up coal as a backstop.
Our UK posters may wish to chime in re: Firing up coal power generation in time for winter. Ditto our German friends?
If folks think their monthly energy bill is outrageous, hide and watch a country forced out of gasoline driven transportation into 'light socket charging' when mass EV demand hits the Grid. As quoted in Ghostbusters "Who ya gonna call"?
Farmers and truckers (read food and goods to big cities) are getting crushed with skyrocketing costs to stay in business,.. and those that are still in business will continue to raise prices to each of us. The point is - price reductions have somewhat alleviated the pain but only slowed the inflation trajectory - not reversed it and the big city dwellers will be the first victims of the Perfect Storm.
Oh I forgot the 'new wave of Pandemics' including son of Covid, Monkeypox, donkey and zebra pox, etc - as an excuse to keep rioters off the streets.
IMO
I'm pleased to accept the 'tinfoil hat' monicker and delighted that those that feel that way also think their leaders in US, UK, Australia/New Zealand and Canada have 'got this'.