Jannah Theme License is not validated, Go to the theme options page to validate the license, You need a single license for each domain name.
World

G7 Price Cap on Russian Oil Applies Only to Seaborne Crude, Officials Say – National

The price cap on Russia’s oil exports to be imposed by G7 countries and Australia next month will only apply to sea freight from the first land sale, excluding transportation and transaction costs, coalition officials said Friday. rice field.

Details of the price cap have been finalized as the December 5 deadline for the scheme to start and the European Union’s embargo on Russian oil approaches, but discussions on the level of the price cap are still ongoing.

read more:

As winter approaches, US diesel inventories are ‘troublesome’. Will Canada be affected?

The plan aims to reduce Moscow’s oil revenues to pre-Ukraine levels, and to keep Russian crude on world markets to avoid further price spikes.

A coalition official told Reuters on Thursday that the price level was a fixed dollar-per-barrel price that is regularly reviewed, not a discount from the market price.

The story continues under the ad

Under loading rules, first reported by The Wall Street Journal, oil that is resold while it is still en route to its landed destination must be priced below cap levels, officials say. person said.

“Once the oil completes its first landed sale, it will be available for sale at market prices,” said a coalition official. “It is no longer ‘seaborne’ Russian oil unless it goes back to sea.”

read more:

OPEC+ will cut oil production next month. Will gas prices in Canada change?

But the price cap will apply again if the crude is reloaded onto tankers and shipped elsewhere, unless the crude has been significantly refined into other products, officials added.

The cap does not include freight charges or other transaction and transportation costs, officials said.

Official oil price ceiling guidance is still being worked out and is expected to be released by Dec. 5, the official added.



G7 Price Cap on Russian Oil Applies Only to Seaborne Crude, Officials Say – National

Source link G7 Price Cap on Russian Oil Applies Only to Seaborne Crude, Officials Say – National

Related Articles

Back to top button