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Title : G7 Coalition Has Agreed To Set Fixed Price For Russian Oil
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G7 Coalition Has Agreed To Set Fixed Price For Russian Oil

A vessel leaves the Orlan oil plattform at Sakhalin-1's off-shore rig at the Chaivo field, some 11 km (7 miles) off the east cost of Sakhalin island October 10, 2006. REUTERS/Sergei Karpukhin  

Reuters: EXCLUSIVE G7 coalition has agreed to set fixed price for Russian oil -sources 

WASHINGTON/LONDON (Reuters) - The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate, sources said on Thursday.

U.S. officials and G7 countries have been in intense negotiations in recent weeks over the unprecedented plan to put a price cap on sea-borne oil shipments, which is scheduled to take effect on Dec. 5 - to ensure EU and U.S. sanctions aimed at limiting Moscow's ability to fund its invasion of Ukraine do not throttle the global oil market.  

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Update #1: The G7 Will Set A Fixed Price On Russian Oil -- OilPrice.com  

Update #2: Analysis-As Clock Ticks on G7's Russia Oil Price Cap, Big Questions Remain -- Reuters  

WNU Editor: Russia has made it very clear that they will not sell oil to countries that will enforce a price on Russian oil. What this means is that countries and companies will then be forced to buy oil from other markets, probably at inflated prices. The G-7 says that this will bring lower and stable prices to the markets. From what I see, and what everyone is experiencing at the pumps, is the exact opposite. The only way that Russian oil will be selling at a low price is if there is a global recession and oil demand will be at a low. In that case, everyone is losing.

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