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12/1/2022, 1:15 PM (Source: TeleTrader)
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EU wants to pass Russian oil price ceiling at $60 - report

European Commission asked its member states to clear a price cap on Russian oil of $60 a barrel, The Wall Street Journal reported Thursday, citing sources familiar with the topic.

According to the report, discussions on the proposal started in the afternoon of Thursday. Despite different recommendations, the Commission believes that an agreement can be reached at this level. The 27 Member States have to approve the price cap level; if this cannot be achieved, negotiations could continue later.

Several media outlets have analyzed the issue, adding that the bloc has had trouble agreeing on the right level. Yesterday, Ria Novosti said the European Union was likely to set the ceiling on Russian oil prices at $62.

Baha Breaking News (BBN) / JG