Braking Down The Noise

U.S., Allies Negotiating Price Level for Russian Oil Cap

Keeping Russian oil flowing to world—at lower price—could help counter global inflation

23

WASHINGTON—The U.S. and its partners are rushing to hammer out an agreement on a level for a price cap on Russian oil in the next couple of weeks as they seek to contain global oil costs in the wake of a production cut by the Organization of the Petroleum Exporting Companies and its Russia-led allies.

The Group of Seven large advanced democracies, along with Australia, are working to put into place a plan ahead of a Dec. 5 deadline that would bar the use of financing, insuring and shipping services for Russian oil unless the oil is sold below a set price limit.

 

Continue Reading…

 

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More