Chinese buyers of crude oil have suspended purchases from Russia. They are waiting for the announcement of the price limit for Russian oil, which the countries of the "Big Seven" must notify by December 5.
Bloomberg writes about it.
Countries want to see a ceiling price at the level of $40-60 per barrel, which will seriously affect Russian revenues. The U.S. Treasury proposes to limit the price of Russian oil to $60 per barrel.
Russia has declared that it will not sell fuel to countries that will introduce restrictions. Instead, Moscow wants to redirect supplies or reduce production.
According to Chinese traders, many market participants are ready to work under conditions of a ceiling price for oil from the Russian Federation, even if they do not officially support such restrictions — provided that the new prices do not differ too much from the current ones.
- In early November, the G7 and Australia agreed to establish a fixed ceiling price for Russian oil instead of a floating interest rate.