G7 Russian and Australia to keep Russian oil price cap at $60 per barrel

G7 countries and Australia decided to maintain the current $60 a barrel price cap for seaborne crude oil supplies from Russia.

Citing an official from the coalition, Reuters reported that the decision was taken the recent rise in crude prices around the world and call from some members for a reduction with a view to restricting Moscow's revenues.

The decision was reportedly taken over the past few weeks.

According to the same official, Russian crude oil had been trading at a discount of around $30 per barrel to Brent while the country's crude exports had remained steady at over 3.0m barrels a day.