Oil Executives Warn G7 Price Cap Could Lead To Stranded Tankers

Oil cargo could soon be stranded at sea if G7 leadership fails to get insurers details regarding the upcoming—but undefined—price cap mechanism on Russian crude oil, senior industry executives told Reuters this week. The price cap plan—although it can hardly be called a plan at this point—is set to take effect as of December 5, after Canada, France, Germany, Italy, Japan, the UK, and the United States agreed to hold buyers within the group to purchase crude oil from Russia only if it could be purchased below a set minimum.…