G-7 to Maintain Current Price Cap on Russian Oil, Report Says
G-7 countries plan to keep their price cap on Russian oil at $60 per barrel, Reuters reported April 17. The countries and Australia came to the decision "over the past few weeks" as part of their review of the price cap, which was set in December.
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Some countries have called on the G-7 nations to lower the cap to further deny Moscow revenue. Exports of Russian crude oil climbed back after last week's sharp drop, according to data compiled by Bloomberg. Oil exports from Russian ports jumped 540,000 barrels a day to more than 3 million barrels, clawing back a little less than half of last week's loss.