Analysis: Saudi Arabia Walks Oil Policy Tightrope Between Biden and Putin

Talks on the price cap would soon begin with countries in Latin America and Africa that are smaller but important consumers of Russian oil, a senior U.S. official told Reuters.

Andrea Shalal and Timothy Gardner, Reuters

Talks on agreeing and implementing a price cap on Russian oil exports have begun with large oil consuming countries, including India, and will soon start with smaller consumers in Africa and Latin America, U.S. officials said on June 28.

The officials said that after G7 countries, including the United States, Germany and Japan, agreed this week to explore a price cap on Russian oil exports to punish Moscow for its invasion of Ukraine, serious talks could begin with oil consuming nations.

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