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EU Considers Russian Diesel Price Cap At $100/bbl

OIL PRODUCTS

The EU is floating a plan to cap the price of Russian refined fuel exports such as diesel at $100/bbl, with a lower $45/bbl cap for discounted products such as fuel oil according to Bloomberg sources.

  • The EU’s executive arm is considering those target levels after the G7 offered a price range based in part on the existing cap on crude oil, but those levels could still change during talks with member states ahead of the 5 Feb import ban.
  • The negotiations are complicated by the EU’s effort to balance two competing goals: limiting Russian revenue and preventing price spikes or shortages in key products on the global market. The EU will have to agree unanimously on price cap levels, which the G7 will then need to approve.
  • EU diplomats will start discussing the prices levels on Friday.
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