Russian Oil Is Already Trading Far Below Europe’s Proposed Cap
An oil pumping jack in an oilfield in Tatarstan, Russia.
Source: Bloomberg
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With European Union diplomats haggling over a price cap on Russian oil, it’s worth remembering that the level they’re discussing will almost certainly be above where the nation’s flagship grade currently trades.
European Union diplomats have this week been discussing a cap at somewhere around the $65-to-$70-a-barrel mark. When it does get imposed, the limit is expected to be adopted by all Group of Seven nations in a process that the US has led.