Price-Setting Talks for Russian Oil Cap Plan Set to Start
- Meetings in second half of October to focus first on crude
- Cap aims to provide a market path for cheaper Russian oil
Oil pumping jacks operate near Almetyevsk, Russia.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Countries working to impose a price cap on Russian oil will meet over the next several weeks to determine the specific price ceilings for the country’s crude oil and refined products, according to a senior US Treasury official.
The official, briefing reporters this week on condition of anonymity, declined to speculate on specific levels, but stressed that finding agreement on those price levels was the next important step. Partners in the plan include the US, European Union and other governments in the Group of Seven countries such as Japan.