Russian Energy Minister Nikolay Shulginov said on Tuesday that they will respond to price caps on Russian oil by shipping more oil to Asia.

Additional quotes

“Russia and partners are considering setting up own insurer to facilitate oil trade.”

“Nothing has been decided on Nord Stream 1 gas pipeline resumption.”

These comments come after members of the G7 agreed on Friday to impose a price cap on Russian oil in a bid to hit Moscow's ability to finance the war in Ukraine.

"We will continue to stand with Ukraine for as long as it takes," the G7 said.

Market reaction

Amidst these above comments and the OPEC+ output cut, WTI was last seen trading at $88.76, modestly flat on the day. The US oil is off the daily high of $89.09.