G7 close to deal on price cap for Russian oil

The G7 countries are reportedly very close to an agreement on a price cap for Russian oil. According to a senior G7 official, the G7 members are very close to an agreement on a price cap of around $60 per barrel for Russian oil sold by sea. The agreement will include an adjustment mechanism to keep the price cap for Russian oil 5% below market prices. The official also stressed that an agreement on the level of the price cap for Russian oil is expected to be announced in the coming days or on Monday at the latest.