WASHINGTON—The U.S. and its partners are rushing to hammer out an agreement on a level for a price cap on Russian oil in the next couple of weeks as they seek to contain global oil costs in the wake of a production cut by the Organization of the Petroleum Exporting Companies and its Russia-led allies.
The Group of Seven large advanced democracies, along with Australia, are working to put into place a plan ahead of a Dec. 5 deadline that would bar the use of financing, insuring and shipping services for Russian oil unless the oil is sold below a set price limit.
