The United States and its other Western allies are in the final stages of plans to impose price caps on Russian oil.
Despite that, so far no price target has been decided yet, but according to sources familiar with the matter, the price range will be set in line with an average of $63-64 per barrel.
President Joe Biden's administration sees the move as a way to reduce oil revenue for Russia, which is the main source of funding for the war in Ukraine.
Actual prices will be set in the coming weeks ahead of the planned December 5 launch of European sanctions on Russian oil and related limits on oil shipments by sea.
Meanwhile in a separate report, the World Bank predicted Russian oil exports could potentially drop by 2 million barrels per day due to EU sanctions.
It also expects energy prices to fall 11% in 2023 after a 60% jump in 2022 driven by slowing global growth and ongoing Covid-19 restrictions in China.
According to its latest commodity market outlook, the World Bank also projects an average Brent crude oil price of $92 per barrel in 2023, declining to $80 in 2024.
