Oil

Russia will not export oil subject to Western-imposed price cap: Novak

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Russia will not export oil that is subject a Western-imposed price cap even if Moscow has to accept a drop in oil production, President Vladimir Putin’s point man on energy said on Sunday.

“We are working on mechanisms to prohibit the use of a price cap instrument, regardless of what level is set, because such interference could further destabilize the market,” Russian Deputy Prime Minister Alexander Novak said.

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Russia will not operate under a price cap, even if Moscow has to cut production, Novak said.

On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive
President Vladimir Putin of revenue while keeping Russian oil flowing to global markets.

Read more: OPEC+ agrees to stick to oil output targets

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