The European Commission informed EU diplomats that the ceiling of the price of Russian oil will not be changed yet and will remain at $60 per barrel. This decision was due to the fact that the current price limit effectively restricts Russia's oil export revenues and does not cause market shocks. Moreover, most of the G7 member states were not ready to lower the price ceiling. The report of the International Energy Agency, which serves as the basis for a possible revision of the price ceiling, notes that «the mechanism has achieved its goals of reducing Moscow's revenues and preventing a sharp increase in world oil prices.» At the moment, the weighted average export price for Russian oil is $52.48 per barrel (excluding shipping and insurance). Recall that the price ceiling for Russian oil supplies by sea at $ 60 per barrel was introduced by the European Union, the G7 countries and Australia from December 5, 2022. On February 5, 2023, the price ceiling for Russian petroleum products also began to operate. European countries have agreed to revise the value of the price ceiling twice a month, taking into account changes in the market. In March, three EU members – Estonia, Lithuania and Poland – called for reducing the size of the limit to $51.45 per barrel. However, this proposal was not satisfied.
