The EU might agree on a Price Ceiling of $60 per barrel for Russian Oil

World » EU | December 1, 2022, Thursday // 17:39
Bulgaria: The EU might agree on a Price Ceiling of $60 per barrel for Russian Oil @Pixabay

EU governments might agree on a cap on the price of Russian oil, delivered by sea, at $60 a barrel, with an adjustment mechanism approved to keep the cap 5% below the market oil price, said a European diplomat quoted by Reuters.

Poland, which insisted that the ceiling be as low as possible, had until 17:00 p.m. Bulgarian time to agree to the deal, which must be approved by all EU governments in a written procedure by Friday, the diplomat said.

"The price ceiling is set at $60 with a provision to keep it 5% below the market price for Russian crude oil, based on data from the International Energy Agency (IEA)," the European diplomat pointed out.

"Poland has until 16:00 CET to agree. If it does, there will be a written procedure to confirm the agreement," he added.

However, Polish diplomats indicated that consultations with Warsaw are continuing.

EU diplomats said Lithuania and Estonia, which have backed Poland's push to set the cap as low as possible, also agreed to the $60 limit.

Meanwhile, Russian Urals oil was trading at levels around 65 dollars per barrel at 17:00 Bulgarian time.

The price cap on Russian offshore crude was proposed by the G7 to limit Moscow's oil export earnings and therefore its ability to finance its military invasion of Ukraine while avoiding a global oil supply shock.

Follow on Twitter and Facebook

Write to us at

Информирайте се на Български -


We need your support so can keep delivering news and information about Bulgaria! Thank you!

EU » Be a reporter: Write and send your article
Tags: oil, Russian, price, EU

Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria