• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 7 days America should go after China but it should be done in a wise way.
  • 5 hours Even Shell Agrees with Climate Change!
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

Poland Approves $60 G7 Oil Price Cap

Poland has agreed to a $60 price cap on Russian crude oil, Poland’s Ambassador to the EU, Andrzej Sados, said on Friday.

The EU tentatively agreed on a $60 oil cap yesterday, but analysts feared that Poland—originally holding out for a much lower price cap—would refuse to sign off on a $60 cap.

The G7 proposal to cap the price of Russian seaborne crude oil initially met resistance from Poland, Estonia, and Lithuania as those countries were hoping for a much lower cap—even a $20 or $30 cap. Because Poland’s ask was so much lower than what the EU had proposed, it was doubtful whether Poland would go along.

The window of opportunity for getting the G7 price cap fixed at a specific level was quickly coming to a close, with the price cap set to go into effect on Monday, December 5. Market uncertainty about the price cap, as

The U.S. has pushed hard for an acceptable price cap—one much higher than Poland wanted--to keep oil prices in check.

Poland agreed to the $60 cap with a caveat—the price cap also includes a mechanism for keeping the price capped at a level that is at least 5% below the market rate. The full details of the price cap plan will be published in the EU legal journal on Sunday, with all 27 EU countries now in line to officially sign onto the deal.

The price cap allows non-EU countries to continue to trade in seaborne Russian crude oil. It will however, prevent shipping and insuring—done mostly by G7 countries—unless the price at which it was purchased falls under the price cap.

By Julianne Geiger for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News