The European Union has agreed to buy crude oil from Russia at the rate of $60 per barrel. The European countries took this decision based on the proposal of the G-7 alliance of the world’s top seven largest economies. The proposal of the G-7 was that the European Union should reduce the market price of crude oil by 5 percent per barrel. The EU has been discussing for several days about fixing the price of Russian oil. European countries are trying to do this mainly to reduce Russia’s income from oil and to reduce the price of oil in the global market. Meanwhile, Poland opposed Russia’s oil price cap at Thursday’s meeting. They keep asking for lower prices. It was not even clear whether they would sign the oil price fixing agreement or not.
G-7 and Australia fixed the price of crude oil to buy from Russia
BTJ Desk Report
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