Oil cargo could soon be stranded at sea if G7 leaders fail to provide insurers with details on the forthcoming – but undefined – price cap mechanism for Russian crude, 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 go into effect on December 5 after Canada, France, Germany, Italy, Japan, the United Kingdom and the United States agreed to hold buyers in The Group buys crude oil from Russia…
