EU govt’s tentatively agree on $60 Russian oil price cap but Poland holds out

EU government have tentatively agreed to a $60/barrel Russian oil price cap. That’s at the bottom end of the range floated yesterday in what’s a compromise offer to the Baltic states and Poland.

An adjustment mechanism would keep the price cap on Russian seaborne oil 5% below the market price based on EIA figures. Something like that — if it works quickly — would probably mean minimal impact on the market since Russian oil is already trading at a discount larger than 5%.

However Poland appears to be holding out and the report says they have until 1500 GMT to agree; that’s just over an hour from now. Of course, EU deadlines don’t mean anything so take that for what it’s worth.