The Biden administration broke its silence on Wednesday on European Union deliberations over a $65-70 per barrel Russian oil price cap on Wednesday, warning far-lower prices cited for some Russian Urals crude shipments should be approached with caution.
A U.S. official told Reuters that recently quoted Urals prices in the $52-a-barrel range do not represent broader pricing in a very opaque market.
Some countries including Poland, Lithuania and Estonia have pushed for a far lower $30-a-barrel price limit, arguing this is closer to Russia's cost of production and that the West needs to squeeze Moscow's revenues harder. Lower quoted market prices could erode support for a cap in the $60-70 range. The U.S. official cited concerns over using prices that represent a subset of Russian oil sales.
The U.S. official said such prices do not include transportation and other costs associated with Russian crudes. A price cap of $65 a barrel on Russian crude would represent a meaningful price reduction from recent prices, citing an estimated average of $78 per barrel since March 2022.
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