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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.

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