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.

The #EU has officially published the decision to impose a price ceiling on #Russian #oil at $60 per barrel. It comes into force as early as tomorrow.#Hungary has been exempted from the price ceiling on Russian oil. pic.twitter.com/ALL8ACSL1R

— NEXTA (@nexta_tv) December 4, 2022