Daily Management Review

EU proposes to introduce transitional period to oil prices cap


According to a memo seen by Bloomberg, the EU has suggested extending the date of the oil price ceiling by 45 days.

The agency quoted the paper in a statement and stated that "the bloc advocated adding a 45-day transition time to the introduction of the cap."

The time will be in effect for oil loaded up until December 5, when a price cap is anticipated to be announced, and unloaded up until January 19.

The EU also suggested a 90-day transition time, as mentioned in the text, in case the price cap for oil from the Russian Federation changes.

source: bloomberg.com