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G7/EU To Set Russian Oil Price Cap On Wednesday

OIL

The G7 and EU aim to set the Russian oil price cap on Wednesday in order to have a plan in place before 5 Dec, sources told the Wallstreet Journal.

  • Officials are discussing a price cap around $60-70/bl, sources said.
  • EU ambassadors are scheduled to meet and discuss the price cap, which demand a unanimous agreement. The G7 is aiming to approve the cap in sync with the EU.
  • A number of countries such as Poland and Lithuania have been urging for a far lower cap set around the price of production, around $20/bl.

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