Skepticism about the effectiveness of the G7 oil price cap for Russian crude is growing, and several EU countries are in disagreement about the price level of the cap
G7 and EU countries in disagreement over level of price cap for Russian crude.Less Russian crude on the market may result in higher crude prices early next year.When the U.S. Treasury Secretary proposed capping the price of Russian export oil to curb Moscow’s revenues, oil prices spiked.
Now, six months later, while the European Union debates the level of the oil price cap, skepticism about its effectiveness has grown. The main factor driving this skepticism is the price level being discussed, which is between $65 and $70 per barrel. In a way, then, the price cap is a form of mitigation of the EU embargo plan, as the FT suggested in a recent. The cap, the report said, was an attempt by the Biden administration to offset the effects of the embargo on global oil prices.
Indeed, Russia’s flagship Urals blend was trading at a little over $50 per barrel on Monday while the EU was discussing a cap between $65 and $70 per barrel, raising understandable questions about the point of the discussions., saying discussions of both the Russian oil price cap and the gas price cap for the EU were “deeply pointless,” adding that it doesn’t really matter if the caps are effective as long as they are there, and therefore those agreeing on them are seen as “tough on Russia.
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