Price Cap On Russian Oil To Encourage Flow Of Oil Onto Market, Protect Consumers - Yellen

Mohammad Ali (@ChaudhryMAli88) Published December 03, 2022 | 04:00 AM

Price Cap on Russian Oil to Encourage Flow of Oil Onto Market, Protect Consumers - Yellen

WASHINGTON (UrduPoint News / Sputnik - 03rd December, 2022) The price cap on Russian-origin crude oil will result in an increased flow of Russian oil onto global markets and will protect consumers from possible disruptions, US Secretary of the Treasury Janet Yellen said in a statement.

"The price cap will encourage the flow of discounted Russian oil onto global markets and is designed to help protect consumers and businesses from global supply disruptions," the statement said on Friday.

On Friday, the European Union reached an agreement on a $60 per barrel price cap on Russian oil. The agreement reportedly provides for a review mechanism to keep the price cap at 5% below market value.

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