Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
The Israeli Walla! website: We are running out of stockpiles, our forces are exhausted, and the lives of the captives are in danger. It is time for a ceasefire deal in Gaza.
Several wounded in an Israeli bombardment of a tent in al-Mawasi, south of Khan Younis in the Gaza Strip.
Israeli media: Three wounded, three killed in an ongoing operation in the Gaza Strip.
Al Mayadeen's correspondent in southern Lebanon: Israeli artillery shelling targets the outskirts of the town of Shebaa
Al-Qassam Brigades: The targeting took place at the intersection of 'Street 5' with the western line north of Khan Younis
Al-Qassam Brigades: A NIMR armored personnel carrier carrying an Israeli soldier was targeted with an Al-Yassin missile north of Khan Younis
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes

US hails EU agreement on price cap on Russian oil at $60 per barrel

  • By Al Mayadeen English
  • Source: Agencies
  • 2 Dec 2022 20:55
3 Min Read

The US says the EU agreement on the Russian oil price cap is "welcome news".

  • x
  • EU reaches agreement on price cap on oil from Russia at $60 per barrel. Source: © AFP 2022 / INA FASSBENDER.
    EU reaches agreement on price cap on oil from Russia at $60 per barrel. (AFP)

The European Union has reached an agreement on a $60 per barrel price cap for Russian oil after Poland dropped its objections, according to the Financial Times.

Poland previously objected to the proposed level of oil prices and demanded that it be reduced.

According to Andrzej Sados, Poland's permanent representative to the European Union, the EU may now begin a written approval process for the deal with plans to formally announce it on Sunday.

The agreement also includes a price review mechanism that will keep the price cap at 5% below the market value, according to Sados.

The Czech presidency of the EU Council has officially confirmed that the EU member states' envoys have reached an agreement on a price cap for Russian oil.

On her part, the head of the European Commission, Ursula von der Leyen, said in a statement that the price cap for Russian seaborne oil, which was agreed upon by the European Union and G7 countries, will be adjustable, 

Related News

Supreme Court clears fast-track deportations to random third countries

China-US trade falls 10.4% in H1-2025 to $289.36 billion

"Today, the European Union, the G7 and other global partners have agreed to introduce a global price cap on seaborne oil from Russia," she said. "It will be adjustable over time so that we can react to market developments."

According to White House National Security Council Spokesperson John Kirby, the US welcomes reports that the European Union has reached an agreement on imposing a price cap on Russian oil. "We see the reports and it is welcome news that they're coming together towards a price cap," Kirby said during a conference call.

Read next: EU source suggests price cap for Russian oil to be set to $62

The US welcomed the European Union's decision to join the G7 in imposing a $60-per-barrel price cap on Russian oil exports, saying it will slow the Kremlin's "war machine".

"It’s welcome news that they’re coming together towards a price cap," White House National Security Council spokesman John Kirby told reporters.

"We still believe that a price cap will help limit Vladimir Putin’s ability to profiteer off the oil market so that he can continue to fund a war machine that continues to kill innocent Ukrainians."

The price cap will come into full force by December 5, when all the bloc's nations will have reached a formal agreement on the level of the price cap.

Baltic nations have recently expressed opposition to the idea that a price cap should be set above $50 per barrel. They believe that the price remains too high and that could potentially fuel profits for Russia, thus harming Ukraine. 

  • United States
  • Poland
  • Russia
  • European Union

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS