EU struggles to agree on price cap for Russian oil products

Members of the European Union are struggling to reach an agreement on the EU Commission's proposal to impose a price cap on Russian oil products. Permanent representatives of member states in Brussels will meet on Friday to discuss the EU Commission's proposal. The EU Commission last week proposed that the EU impose a price cap on Russian oil products starting on February 5, with a price cap of $100 per barrel for diesel and $45 per barrel for products such as fuel oil. Fatih Birol, head of the International Energy Agency (IEA), said that if the EU Commission proposed a price cap on Russian oil products, it did not expect major problems or disruptions. Poland and the Baltic countries are pushing for a lower price cap on Russian oil products.