A “stable” ceiling on Russian oil prices favors the G7, but at higher levels than those originally mentioned. According to Bloomberg, the G7 coalition and Australia are agreeing to the possibility of setting a specific price, possibly higher than $60. The US and its partners have agreed to set the price ceiling for Russian oil at a fixed level, rather than a floating level that fluctuates with underlying oil prices, officials familiar with the matter told Bloomberg.

It is not yet clear at what level the price will be set, but it will be a fixed figure and not a discount to Brent, coalition officials familiar with the matter said on condition of anonymity.

US officials have said they want to cap the price of oil above $60 a barrel, which would increase the chances of persuading Russia to sell at least some of the oil under the program.

Probably above the $60 price ceiling for Russian oil.

The cap, although static, will be reviewed regularly and subject to change by the G7-Australia coalition. The approach would increase market stability and make compliance easier, the official said.

Under the previous plan, a price ceiling of $40 to $60 per barrel was considered, with some officials wanting to keep the cap as close to the lower range as possible. But now officials involved in the plans are discussing a cap closer to $60, although some of them believe that this will allow the Kremlin to continue to earn enough income from sales. In response to a request for comment, a senior Treasury Department official recently commented that the US has never discussed cap price ranges with allies.

In September, Russia received about $15 billion from oil sales. It is this revenue stream that US and European leaders have been trying to rein in since Russian President Vladimir Putin ordered the invasion of Ukraine. But in a global market dominated by countries without democratic governments led by Saudi Arabia, the mechanics of a price cap designed by buyers looks very complicated. The working group is pushing for a cap — essentially a ban on the provision of insurance and other services on fuel deliveries above a certain price — in connection with the next round of European Union sanctions due to take effect on December 5. Negotiations on finalizing the caps are ongoing. The coalition will set three price levels: one for crude oil and two for petroleum products. The coalition has so far agreed only that the price ceiling for crude oil will be fixed.