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US Wants India and Japan to Back Price Cap

OIL

US Energy Secretary Granholm is to urge India and Japan to back a planned cap on the price of Russia oil at Quad group talks.

  • •“We want to put on the table the option of joining a buyers’ group that will have greater market power to be able to lower the price, and therefore lower the price of Russian oil and lower the profits to Putin,” said Granholm.
  • •The aim is to limit Russian revenues from oil exports without reducing output volumes and impacting the already tight global supply. The proposed price cap of between $40 and about $60 would ban insurance and transportation of Russian oil unless purchased below an agreed price.

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