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Yellen Touts Russian Oil Cap Around $60/bbl

OIL

US Treasury Secretary Janet Yellen said yesterday that a price cap of around $60/bbl on Russian oil exports would likely be sufficient to reduce Russian energy revenues while still maintaining profitable production.

  • Yellen told an event at the International Monetary Fund and World Bank meetings that the price for the cap was still under discussion.
  • Backers of the cap aim to implement it on Dec. 5.
  • Yellen said that Russia has been willing to produce and sell oil in the $60 range over the past five to seven years.

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