logo
logo
  • Home
  • About Tripura
    • Tripura
    • Governon
    • Chief Minister
    • Council of Ministers
  • Tripura
  • National
  • International
  • Lifestyle
  • Spotlight
  • Sports
  • Jobs/Tender
  • Photo Album

European Union reaches agreement on price cap on oil from at $60 per barrel

By IBNS
Sat Dec 03 2..

Moscow: The European Union has reached an agreement on a $60 a barrel price cap for Russian oil after Poland dropped its objections.


Poland previously did not agree with the proposed level of oil prices, demanding its reduction.

The EU may now launch a written approval process for the deal and intends to formally announce it on Sunday, Andrzej Sados, Poland's permanent representative to the European Union, said in a statement.

According to Sados, the agreement also provides for a price review mechanism that will keep the price cap at 5% below market value.

The Czech presidency in the Council of the EU countries has officially confirmed that the EU member states' envoys had reached an agreement on price cap for oil from Russia.

The United States welcomed the reports about the European Union reaching a price cap agreement, according to White House National Security Council spokesperson John Kirby.

The West stepped up sanctions pressure on Russia over Ukraine, which led to higher prices for electricity, fuel and food in Europe and the United States.

Russian President Vladimir Putin said cheap and reliable Russian energy resources were Europe's competitive advantage, and even a partial rejection of them already had a negative impact on its economy and residents.

And the US, pushing through the EU's complete rejection of Russian energy carriers and other resources, is leading to the de-industrialization of Europe, he said.

Commenting on the West's idea to limit prices for Russian energy resources, Putin said Russia would not supply anything abroad if this was contrary to its own interests.

Deputy Prime Minister Alexander Novak said Russia would not supply oil to countries that set any price cap. He added that such restrictions were interference in market tools, and Moscow was prepared to work with consumers ready for market conditions.

Leave a Reply
Post comment
Related News
India feels 'dismayed' over demolition of Hindu temple in Bangladesh, criticises Muhammad Yunus-led govt
Jun 27, 2025..
Israeli Minister claims country's armed forces sought to kill Ayatollah Ali Khamenei
Jun 27, 2025..
'Money can't buy taste or class': Netizens roast Jeff Bezos' wedding invite
Jun 26, 2025..
US shares test footage showing how bunker-busters work to prove damage in Iran strike
Jun 26, 2025..
North Korea tourism push: Kim Jong-un unveils beach resort with daughter
Jun 26, 2025..
Newsletter

Subscribe For Northeast Herald News And Receive Daily Updates

logo

Northeast Herald starts its journey from Tripura state capital city Agartala to cover the entire Northeast region of India for the latest news, news photos, and the latest photos to promote the great cultural, historical and traditional identity of the region.

  • Twitter Icon
  • About Tripura
  • About Northeast
  • National News
  • Tripura News
  • International
  • Entertainment
  • Spot Light
  • Article Us
  • Health
  • Lifestyle
  • Top News
  • Sports
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookies Policy
  • Code of Ethic
  • Site Map
  • Rss Feeds

Copyright © Northeast Herald. All Rights Reserved