Novak: Russia Will Not Export Oil If Price Cap Is Below Production Cost

Russia will not supply oil to the global markets if the price cap being discussed is set at a level below Russia’s cost of production, Russian Deputy Prime Minister Alexander Novak told state television on Wednesday. “If the price cap they are talking about is lower than the cost of crude oil production…naturally Russia will not supply that crude on the global markets, which means that we will simply not pump oil at a loss,” Novak was quoted by news agency TASS as saying.   For weeks, the U.S. and partners have been…