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Poland Remains Price Cap Hold Up Friday

OIL

G7 nations are “very close” to an agreement on a Russian oil price cap of $60/bbl with an adjustment mechanism to keep the cap at 5% below the market price according to various news reports from G7 officials.

  • A deal is expected to be finalized in the coming days or Monday at the latest.
  • Poland has been the roadblock stopping a unanimous decision across EU 27 members having asked for more time to consider the deal.
  • Poland is in favor of a price cap but has pushed for levels far lower than $60/bbl.
  • If the EU agrees on the price cap, the Group of Seven nations—Canada, France, Germany, Italy, Japan, UK and the US will then need to sign it off.
  • Wally Adeyemo, the US deputy Treasury secretary said yesterday “The key thing to remember is we’re starting at 60, but we have the ability to move the price cap, to further use the price cap to constrain Russia’s revenues over time,”.
Energy BulletsCommodities
Energy BulletsCommodities

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