U.S. Hesitant on Lowering G7 Price Cap for Russian Oil

A European official has stated that the United States is not yet convinced about reducing the Group of Seven nations' (G7) price cap on Russian crude oil. The European Union proposed a revision to lower the cap from the current $60 a barrel to an indicative $50 per barrel.

During the G7 finance ministers' meeting, the official revealed that the U.S. believes oil prices are already decreasing, which is negatively affecting Russia. Nevertheless, the U.S. remains amenable to continuing discussions on this matter.

The U.S. Treasury has not yet issued a response to requests for comment regarding this ongoing negotiation on oil pricing strategies within the G7 framework.

(With inputs from agencies.)