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EU Push Poland for $60/bbl Price Cap

OIL

EU oil cap discussions remain focussed on $60/bbl according to an EU diplomat speaking with Reuters with an adjustment mechanism 5% below the market price.

  • Poland, an advocate for a much lower price, has until 1500 GMT to agree to the deal.
  • "The price cap is set at $60 with a provision to keep it 5% below market price for Russian crude, based on IEA figures," the EU diplomat said.
  • "Poland has until 1600 CET to agree. If it does there will be a written procedure for adoption tomorrow," the diplomat said.

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