The G7 Will Set A Fixed Price On Russian Oil

Members of the G7 have agreed to set a fixed price for Russian oil exports as a cap rather than a price set as a discount to a benchmark, Reuters has reported, citing an unnamed source familiar with the discussions. The price itself has yet to be determined, the source said, adding that, according to the G7, "This will increase market stability and simplify compliance to minimize the burden on market participants.” Earlier, a price range in the mid-60s was mentioned as a possible target for the cap as it represented the range, in which Russian…

oilprice