Russian Oil Price Cap Is Meeting Objectives: G7

The Russian oil price cap mechanism is still meeting its objectives, a G7 price cap coalition official told Reuters on Friday. Any Russian production cuts that may be forthcoming will disproportionately hurt developing countries, the G7 official added. Earlier on Friday, Russia announced a 500,000 bpd crude oil production cut—crude oil production, not crude oil and condensate production—with Russia’s Deputy Prime Minister Alexander Novak preceeding that with a warning that there was a risk of reduced crude oil production yet this…