EU oil price cap may result in ‘violent’ spikes – Economist

As the European

Restricting Russian seaborne crude supply may shatter the energy market, according to the outlet.

As the European Union’s sanctions on Russian oil are about to kick in next week, the measure could result in price shocks on the global market, The Economist reported on Friday. The EU has agreed on a $60-per-barrel price cap on Russian seaborne oil.

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