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Oil Pulls Back As EU Seen Softening Russian Oil Price Cap Plan

OIL
  • After the WSJ reported that the G7 were planning a Russian oil price cap potentially in the $60-70/bbl range in measures that could be announced tomorrow, Bloomberg reports that the EU is set to water down certain aspects of the plan.
  • A document seen by Bloomberg shows the bloc proposing adding a 45-day transition to the introduction to the cap whilst also softening key shipping provisions whilst also proposing a 90-day transition in the event of any future changes to the level of the price cap.
  • The initial grace period would apply to oil loaded before Dec 5 (the date oil sanctions are due to kick in) and unloaded by Jan 19, aligning the EU to a clause previously agreed by the US and UK.
  • Brent pulls back from $89.5 to $88.7 and WTI from $82.1 to $81.2 on the headlines.
Energy BulletsCommodities
Energy BulletsCommodities

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