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Policy

Price Cap Moves Forward, Questions Remain

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The G7’s price cap is coming into effect amid freshly precarious oil markets, as Opec-plus readies a 2 million barrel per day supply cut from November. The European Council adopted the framework for the cap as part of the EU's eighth sanctions package targeting Moscow for the invasion of Ukraine. Other G7 members are expected to enact similar supportive measures soon, and US officials taking the lead are trying to explain the policy. Still, as the cap takes shape, industry officials from international oil company executives to traders remain confused about the objectives, doubtful that the system will work, or both.

Topics:
Policy and Regulation, Sanctions, Opec-Plus Supply , Oil Prices, Ukraine Crisis
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