a model of 3d printed oil barrels is seen in front of displayed stock graph going down in this illustration taken december 1 2021 reutersdado ruvic tokyo july 12 reuters  the global price of oil could surge by 40 to around 140 per barrel if a proposed price cap on russian oil is not adopted along with sanction exemptions that would allow shipments below that price a senior us treasury official said on tuesday us treasury secretary janet yellen will discuss implementation of the proposed oil price cap with japanese finance minister shunichi suzuki when they meet later on tuesday the official said the goal was to set the price at a level that covered russias margin cost of production so moscow is incentivized to continue exporting oil but not high enough to allow it to fund its war against ukraine the official said japanese officials had expressed concern about the price cap being set too low but had not rejected a potential price range of 40 to 60 per barrel outright the official said