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