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The price of Russian oil rises, as the EU set a new limit of $60 per barrel

Politiko 2022-12-05 15:51:55

The price of Russian oil rises, as the EU set a new limit of $60 per barrel

Oil prices have risen amid concerns that a new Russian crude price cap could disrupt global supplies in the coming months.

A separate decision by major oil-producing countries to continue cutting output to support prices has also boosted growth, the BBC reports .

The price of Brent crude rose almost 2% on Monday to $87.25 a barrel. But that is still well below the highs seen since Russia invaded Ukraine.

Higher oil prices tend to push up petrol prices and the cost of living, which in the UK is rising at its fastest pace in 41 years.

On Monday, the G7 group of major economies imposed a cap on the price of Russian oil at $60 a barrel to "prevent Russia from profiting from its war of aggression against Ukraine."

It will stop shipping any Russian crude for more than that price using G7 and EU tankers, insurance companies and credit institutions. Many major global shipping and insurance companies are based in the G7.

However, Russia - which is the world's second largest producer of crude oil - has said it will not accept the price cap and has threatened to stop exporting oil to countries that adopt the measures.

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