EU coalescing around $60 per barrel price cap on Russian crude oil exports

shell dl oil gas uk commodities nigeria crude brent wti — Bonga floating facilityCompany photograph / Copyright Giles Barnard

European Union member states were nearing a consensus on the level for the block's price cap on Russian crude oil exports centred on the $60 barrel mark.

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It was their latest attempt to reach an agreement before the 5 December deadline for harsher EU sanctions to kick into effect.

Also under discussion was a mechanism to allow regular assessments and possible revisions every two months beginning from mid-January 2023, Bloomberg reported.

Any future revisions of the price cap should also result in it being fixed at least 5% beneath average market rates, two of the sources reportedly told the same newswire.

EU government reportedly had until 1500 GMT to raise any objections.

A majority of G-7 nations were already set to cease Russian crude oil imports later in 2023 with similar restrictions set to go into effect for petroleum products in February.