28 November 2022 | Other

EU negotiations on Russian oil price cap suspended due to disagreements between the parties

European Union diplomats have temporarily suspended talks on limiting the price of Russian oil, because Poland and the Baltic states opposed a proposal that seemed too generous for Moscow.

An agreement was supposed to be reached Friday night, but the sides remained adamant and talks had to be rescheduled for Monday, Rigzone.com reported.

Poland and other Baltic countries were outraged by a proposed price cap of $65 dollars per barrel for Russian oil, as this level exceeds the prices at which Moscow is selling oil now.

Maritime states such as Greece support higher oil prices, which would help maintain trade flows.

The deadline to implement EU sanctions on Russian oil — December 5 — is approaching, so if the price cap is not in place, the market situation will become more tense.

Oil prices have dropped over the last few days, partly amid signals of the possibility of a deal that would keep Russian oil flowing, easing pressure on the global market.

Company MarketCheese
Period: 01.05.2025 Expectation: 1000 pips
GBPUSD to test level of 1.34 again
25 April 2025 55
Brent sell
Period: 01.05.2025 Expectation: 660 pips
Trade uncertainty and excess OPEC+ supply are dragging down Brent
25 April 2025 40
Period: 29.04.2025 Expectation: 600 pips
USDCAD to head towards 1.39400 after rebounding from 1.38200
25 April 2025 35
Period: 02.05.2025 Expectation: 1669 pips
AUDCAD gains on potential easing of trade tensions between US and China
25 April 2025 35
Period: 30.04.2025 Expectation: 12000 pips
ETHUSD set to test upper boundary of downtrend channel
24 April 2025 90
Period: 25.04.2025 Expectation: 500 pips
AUDUSD to fall to 0.63000
24 April 2025 45
Go to forecasts