Russian oil price cap will give buyers leverage - U.S. official

A price cap that G7 countries want to impose on Russian oil will provide buyers with leverage to get better prices, a U.S. Treasury official said on Wednesday. "The intention of the price cap is to preserve trade of Russian oil but at lower prices," Harris said.

A price cap that G7 countries want to impose on Russian oil will provide buyers with leverage to get better prices, a U.S. Treasury official said on Wednesday. The United States has held "positive dialogue" with China and India, two major importers of Russian crude, Ben Harris, assistant secretary for economic policy at the U.S. Treasury, told the Energy Intelligence Forum.

The price cap, whose details have yet to be hammered out, will be set at a level that will retain an incentive for companies to produce, he added. "The intention of the price cap is to preserve trade of Russian oil but at lower prices," Harris said.