G7 discussions with China, India on Russian oil price cap positive -source

Group of Seven democracies have had positive and productive discussions with China and India about a plan to cap the price of Russian oil, a source familiar with the G7 discussions said on Tuesday, adding the two major oil consumers would have incentives to comply.

The source, speaking on condition of anonymity, said the price-per-barrel cap level has not yet been determined, but it would have to be high enough to give Russia an incentive to keep producing oil.

Russian crude has been selling at heavy discounts of $30 to $40 per barrel compared to benchmark Brent crude prices of $110 to $120 per barrel.