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EU Prepares to Cap Russian Crude Oil at $60/bbl

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The EU is nearing a deal alongside its G7 allies to cap the price of Russian crude exports. EU diplomats have confirmed to Energy Intelligence that the bloc had proposed a cap of $60 per barrel — much lower than the $65-$70/bbl being mooted by the US last week. The EU is now waiting for a response from Poland and potentially one or two other Baltic states which have led the charge for a lower price to limit Russia's oil revenues. The cap applies to crude only. But if successful, the G7 is planning similar caps on Russia's fuel exports next year.

Jet Fuel, Oil Spot Markets, Oil Prices, Crude Oil
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