The European Union agrees in principle to a cap on the Russian oil price of $60

EU governments have tentatively agreed on a cap on the price of Russian oil at $60 a barrel, and an EU diplomat said, "The price cap was set at $60 with the condition to keep it 5% below the market price for Russian crude based on IEA figures." And a European Union document showed that the price ceiling will be subject to a review in mid-January and every two months thereafter to assess how the plan works and respond to possible turmoil in the oil market as a result, and the document indicated that “a transitional period of 45 days will apply to ships carrying crude oil of Russian origin that were loaded before 5.” December and unloaded at its final destination by January 19, 2023.” The G7 price cap on Russian seaborne crude oil is set to begin on December 5th to replace the European Union's strict ban on buying Russian seaborne crude as a way to protect global oil supplies because Russia produces 10% of the world's oil.