U.S. energy envoy Hochstein says Russian oil price caps are working well | Forexlive

U.S. Energy Envoy Amos Hochstein spoke on the sidelines of an energy conference, CERAWeek, in Houston.

• “I think the beauty of the process is that it is working and that Russian oil and Russian products are being traded below the price cap,”
• “I don’t know why Russia is cutting their production”
• “I think the price has not gone up that much. We want to make sure that Russian barrels are on the market and are trading at a discount.”

Hochstein referring to the price cap imposed by Group of Seven countries, the European Union and Australia:

• cap on seaborne cargoes of Russian oil is at US$60 a barrel
• began on December 5 2022
• was joined by a price cap on Russian fuel sales on February 5 2023