The G7 countries plan to set two price ceilings for Russian oil products. As the publication writes, “Kommersant“said a representative of the organization.
A maximum price option could be introduced from February on for products trading at a premium to crude oil. A different cap could be set for those products sold at a discount, Reuters reported, citing a statement from a G7 spokesman.
Recall that the G7 includes the United Kingdom, Germany, Italy, Canada, France, Japan and the United States.
As reported EADailyEarlier, from December 5, the EU and the US introduced a maximum price for Russian oil of $60 per barrel. This, according to the Deputy Prime Minister of the Russian Federation Alexander Novakcould lead to a decrease in oil production in 2023 by 7-8%.
The G7 is now looking to introduce two price caps, as diesel and kerosene are generally sold at a premium compared to crude oil, while heating oil is sold at a discount. In addition to the $60/barrel price cap, the G7 will also cap the price of Russian petroleum products such as diesel, kerosene and fuel oil from February 5. It should be noted that it is more difficult to set a maximum price for them than for crude oil, as there are many types of petroleum products and their price often depends on where they are purchased and not on the producer.
