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US Eyes Russia Oil Price Cap Above $60 to Keep Supply Flowing

  • Treasury points to historical oil prices as one guide for cap
  • Plan seeks to keep global market supplied with Russian crude
A worker guides drilling pipes at an oil, gas and condensate field in the Lensk district of the Sakha Republic, Russia.

A worker guides drilling pipes at an oil, gas and condensate field in the Lensk district of the Sakha Republic, Russia.

Source: Bloomberg

US officials may aim to set a price cap for Russian oil exports above $60 a barrel, a higher level than earlier signaled.

That’s based on speeches and references to historical pricing data that officials have said they will use as a partial guide. Earlier discussions on the plan, devised by the US Treasury Department as part of the broader international reaction to President Vladimir Putin’s invasion of Ukraine, focused on a ceiling in the $40 to $60 range.