11/30/2022, 3:23 PM (Source: TeleTrader)
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EU to set ceiling on Russian oil prices at $62 - report

The European Union is likely to set the ceiling on Russian oil prices at $62, Ria Novosti reported Wednesday, citing a source "in Brussels."

The bloc has been negotiating to set a cap on Russian oil prices for days but has not yet succeeded. Poland reportedly wanted to set the ceiling at $20, with the support of Ukraine, while other members are seeking a higher limit. "The EU Commission initially offered $65-70 per barrel as the price ceiling for Russian oil. After recent negotiations, the last offer was $62," the source clarified.

Moreover, the person indicates that "there is strong pressure on the EC to reach an agreement by December 5. The idea of extending the embargo on oil supplies was voiced during the negotiations, but for various reasons was rejected so far."

Baha Breaking News (BBN) / JG