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.

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/BNR