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EU Oil Price Cap on Russia Discussing $60/bbl Level

OIL

EU talks are discussing a price cap on Russian oil of $60/bbl according to Bloomberg reports as the price slowly edges lower on Polish and Baltic nation protests that prior discussions have been too high.

  • At $60/bbl, talks have only fallen from $62/bbl. Talks started last week in the $65-70/bbl range.
  • It is not clear if $60/bbl will be low enough to draw cohesion within the EU with opposed nations understood to be discussing price levels at half that rate.
  • G-7 countries are aiming to put the price cap in place before Monday – a fast approaching deadline.

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