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EU Target $65-70/bbl Price Cap

OIL

The EU in co-ordination with G7 nations is discussing capping Russian crude at $65-70/bbl according to Bloomberg reports.

  • EU ministers are meeting today with the aim of approving the cap mechanism and price level. Bloomberg sources have said that the cap could be announced today if EU discussions progress effectively.
  • The G7 is expected to settle on a figure from within the $65-$70 range, some of the Bloomberg sources said, but several EU diplomats said the proposed level was too high.
  • At $65-70/bbl, the cap is broadly in line with market expectations and remains well above Russia’s cost of production, ensuring significant volumes are not lost from the market come December 5.
  • The price cap would ban companies from providing shipping and services, such as insurance, brokering and financial assistance, needed to transport Russian oil anywhere in the world unless the oil is sold below the agreed threshold.
Energy BulletsCommodities
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