EU Oil Cap Discussion's Push into Thursday

EU talks on the proposed Russian oil price cap have been bogged down on where to set the price.

• The WSJ had reported earlier in the week that the price was set to be between $65-70/bbl but Poland and the Baltic nations have said this is too generous for Moscow.
• Greece is reported to not want to go below $70/bbl, the top end of reported figures.
• Talks were expected to conclude yesterday with a price set but they are going to continue today as EU ministers try to find common ground.
• “We’re looking for ways how this can work and how one can find a common basis so that this can be implemented in an ideally pragmatic and efficient way while at the same time avoiding that this could lead to excessive disadvantages for the countries of the European Union,” German Chancellor Olaf Scholz told reporters Wednesday night. “But for my part, I want to say that I’m pretty confident that we’ll get this done soon.”
• Other senior officials have said they are confident the price cap will be set well ahead of the December 5 deadline.
• The price also looks as though it will be changed in time and could be adjusted if it is not deemed to be working effectively.
• The cap needs the backing of all EU member states to be approved.
• A number of ministers said today they won’t agree to any of the other measures being discussed until a price cap is agreed.