$60 Price Cap on Russian Oil to Cripple Putin's War Machine? Will India Accept? I Key Details

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On Friday, Group of Seven (G7) nations and Australia agreed to a $60 per barrel price cap on Russian crude oil, joining European Union members in 'punishing' Russia for its war in Ukraine. The price cap alliance said in a statement said that the move will take effect on December 5. So what does it mean for oil markets and will Russia-led OPEC+ to retaliate with more production cuts? We analyze this in this video.

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