The G7 was due to revise the price cap in the middle of this month. The cap was put in place in December 2022.
Reuters cite two unnamed European Union officials and one official from a coalition member saying the cap will not be revised this week:
- the officials said EU countries’ ambassadors were told by the European Commission over the weekend there is no appetite among the G7 for an imminent review
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The cap on Russian seaborne crude exports was set at US$60 per barrel
The price level is designed to sit below the market price and therefore curb the revenue Moscow can receive from selling oil, while keeping it flowing to avoid a global supply shock.
The G7 measure bans companies from providing transportation, insurance and financing services for Russian crude oil and oil products if they are sold at a price above the cap.
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Oil update, Brent:
