Oil prices rise as cap on Russian crude looms

Photo: Original Photo, B.C. Begley, CC

The price of oil has risen after several major producers agreed to continue production output and the G7 and its allies agreed to cap the price of Russian oil.

  • BBC – On Friday, the G7 agreed to cap the price of Russian oil at $60 a barrel to raise pressure on Russia over the invasion of Ukraine.
  • AL-JAZEERA – The cap of $60 per barrel, which took effect on Monday, is aimed at limiting Russia’s ability to finance its war in Ukraine while making sure it keeps supplying the global market.
  • CNN – “Today, the European Union, the G7 and other global partners have agreed to introduce a global price cap on seaborne oil from Russia,” von der Leyen said, adding that it would strengthen sanctions on Russia, diminish Moscow’s revenues and stabilize energy markets by allowing EU-based operators to ship the oil to third-party countries provided it is priced below the cap. 
  • ABC NEWS – The 27-country European bloc also imposed an embargo on Russian oil shipped by sea.