11:42 - 27.10.2022

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October 27, Fineko/abc.az. The administration of U.S. President Joe Biden was forced to revise upward the planned ceiling of prices for Russian oil, because it could not reach an agreement with many countries on its implementation, ABC.AZ reported, referring to Bloomberg.

The inability to secure the consent of a range of countries to set a price limit for Russian oil, which is supposed to come into force by 5 December, has raised concerns in the White House that this measure, if not properly coordinated, could lead to new volatility in the oil market.

The Biden administration would like to avoid this in order to prevent a new rise in gasoline prices and a drop in its ratings.