G7 keeps Russian oil price ceiling at $60 a barrel

The G7 kept  Russian oil price at $60 a barrel , despite the rise in global crude prices. This comes after four weeks of gains in record oil prices, supported by the production cut announced by OPEC.

A G7 official said that coalition officials concluded that the price cap works to limit Russian revenue while maintaining energy market stability, but said they would continue to coordinate to ensure effective monitoring and implementation.

The International Energy Administration report showed that the sanctions regime of all seven was effective in not restricting global supplies of crude and products while at the same time reducing Russia’s ability to achieve export revenues. Still 43% less than the previous year.