INSUBCONTINENT EXCLUSIVE:
Moscow said Thursday that G7 plans to cap the price of Russian oil would lead to a shortfall on world markets and soaring prices for
European consumers."This is another attempt to interfere in market mechanisms, which can only lead to market imbalance," Deputy Prime
Minister Alexander Novak said, warning of "price increases" and market shortages."In my opinion, this is a measure directed against them, as
this week to work on a price cap for Russian oil as part of efforts to cut the Kremlin's revenues in a bid to halt Moscow's offensive in
Ukraine.While the West has already imposed multiple layers of sanctions on Russia in response to President Vladimir Putin's order to send
troops to Ukraine in February, the targeting of the oil industry represents the highest economic stakes so far.European countries have also
warning came as a surge in oil prices is causing increasing concern around the world.On Thursday, major oil producers led by Saudi Arabia
and Russia stuck to a previously decided output boost, despite calls for bigger increases to tame crude prices.In their monthly video
conference, the 23 members of OPEC+ agreed to add another 648,000 barrels per day in August, the same as for July.Novak said on Thursday
that Russia's oil production had almost returned to the level it had before the start of the offensive in Ukraine, at some 9.9 million
