AGL 38.00 Increased By ▲ 0.43 (1.14%)
AIRLINK 132.12 Decreased By ▼ -0.38 (-0.29%)
BOP 5.60 Decreased By ▼ -0.04 (-0.71%)
CNERGY 3.85 Increased By ▲ 0.08 (2.12%)
DCL 8.85 Decreased By ▼ -0.02 (-0.23%)
DFML 40.95 Decreased By ▼ -0.05 (-0.12%)
DGKC 88.29 Decreased By ▼ -1.87 (-2.07%)
FCCL 35.25 Increased By ▲ 0.17 (0.48%)
FFBL 66.45 Decreased By ▼ -0.05 (-0.08%)
FFL 10.36 Increased By ▲ 0.21 (2.07%)
HUBC 109.10 Increased By ▲ 2.70 (2.54%)
HUMNL 14.12 Increased By ▲ 0.72 (5.37%)
KEL 4.84 Decreased By ▼ -0.02 (-0.41%)
KOSM 6.83 Decreased By ▼ -0.02 (-0.29%)
MLCF 41.63 Decreased By ▼ -0.17 (-0.41%)
NBP 59.44 Increased By ▲ 0.86 (1.47%)
OGDC 181.00 Decreased By ▼ -0.25 (-0.14%)
PAEL 25.60 Decreased By ▼ -0.10 (-0.39%)
PIBTL 5.87 Increased By ▲ 0.04 (0.69%)
PPL 147.13 Decreased By ▼ -1.27 (-0.86%)
PRL 23.30 Increased By ▲ 0.08 (0.34%)
PTC 15.48 Increased By ▲ 0.24 (1.57%)
SEARL 68.15 Decreased By ▼ -0.64 (-0.93%)
TELE 7.30 Increased By ▲ 0.06 (0.83%)
TOMCL 35.75 Decreased By ▼ -0.25 (-0.69%)
TPLP 7.46 Increased By ▲ 0.06 (0.81%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.70 Decreased By ▼ -0.15 (-0.29%)
UNITY 26.60 Increased By ▲ 0.20 (0.76%)
WTL 1.22 Increased By ▲ 0.01 (0.83%)
BR100 9,775 Increased By 7.5 (0.08%)
BR30 29,550 Increased By 150.5 (0.51%)
KSE100 92,022 Increased By 84.4 (0.09%)
KSE30 28,730 Decreased By -14.1 (-0.05%)

WARSAW: Approval of the tentative deal European Union governments reached on a price cap on Russian seaborne oil is pending as Poland examines the price adjustment mechanism in it, a source familiar with the matter said on Friday.

The deal on a $60 a barrel price cap was approved on Thursday along with an adjustment mechanism to keep the cap at 5% below the market price, according to diplomats and a document seen by Reuters.

Poland has pushed for the price cap to be as low as possible arguing that an overly high level would not hinder Russia’s ability to finance the war against Ukraine. Warsaw also sought a price adjustment mechanism along with a pledge EU would soon enforce another package of sanctions against Moscow.

EU cap on Russian oil price on hold as Poland urges lower price

Poland needs more time for internal consultations on the adjustment mechanism details, specifically those guiding the review of the cap set to take place every two months under the tentative EU deal, the source said.

“Talks are under way,” Aleksander Brzoska, spokesman at the Climate Ministry in Warsaw said on Friday, declining any further comment.

The agreement still needs approval from all EU governments in writing.

The G7 price cap on Russian seaborne crude oil is to kick in on Dec. 5, replacing the harsher EU outright ban on buying Russian seaborne crude, as a way to safeguard global oil supply because Russia produces 10% of the world’s oil.

EU tentatively agrees $60 a barrel price cap on Russian seaborne oil

Comments

Comments are closed.