US considers higher marginal price for Russian oil – media

Western publications believe that Washington could set the price of Russian oil above $60 per barrel.

The US may try to set a cap on oil exported from Russia above $60 a barrel. This figure is higher than previously reported. This was announced on Friday, October 21 by the Bloomberg news agency, citing historical price data that officials plan to use as a partial benchmark.

Initial discussions of the plan, developed by the US Treasury Department as part of a broader international response to Russia’s aggression in Ukraine, focused on a $40 to $60 ceiling.

Washington is looking for a price that will remain high enough to cover production costs and encourage continued production. Russian President Vladimir Putin and other Russian officials have said they will not sell gas to countries that support the cap, which industry insiders and even some US allies have criticized as unworkable.

A higher ceiling would undercut one of the plan’s publicly stated goals, which is to deprive Moscow of oil revenues that go toward financing the war.

However, it will also help keep Russian oil on the market as the US midterm elections approach and fuel prices rise.

The United States wants to achieve the introduction of a price ceiling for Russian oil at the level of $60 per barrel, aiming to keep Russian fuel on the world market.

Treasury Department spokesman Michael Gwin said the price would be set jointly by the coalition.

“The level at which Russia has historically sold oil is just one data point we’re looking at,” he said.

As previously reported by the media, Russia was able to maintain the export of crude oil after the invasion of Ukraine thanks to three countries – Turkey, India and China. Western publications note that Turkey plays an important role in this process.

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