- There will three price caps; one for crude and two for refined products
- US to detail in coming days and weeks how it will implement the price cap within the USA
- Europe will have to decide if it wants a price cap on natural gas, US would support any decision
- If Russia goes outside price cap coalition, it will have to rely on more-costly non-wester services to export oil
Sounds like the 'non-western services' are about to collect a windfall because Russia has clearly said it won't sell oil to countries imposing the price cap. What it comes down to here is transportation and who has the ships to move Russian oil.
WTI crude oil has been steady in the past hour, holding gains of about $2.50.
