The EU Has No Plans To Revise Its Russian Oil Price Cap

The European Union has no plans to revise the $60 price cap imposed on Russian oil exports even though Russian crude is selling above the cap. "There is no movement currently in the Council [of the European Union] with the oil price cap," an unnamed diplomat from the Baltics told Energy Intelligence. The news outlet noted that officially, the price cap is subject to review once every two months, in order to ensure it is 5% below the market price for Urals. Russia’s flagship Urals crude blend traditionally sells at a discount to…