Russian President Vladimir Putin said on Friday that Russia will not sustain losses from oil price caps, as reported by Reuters.

Key takeaways

"If consumer defines oil prices, this will lead to a collapse of the oil industry."

"This will lead to rising prices, this proposal is stupid."

"Oil prices will skyrocket and hit those who propose price caps."

"We will think about oil output cuts."

"We will not sell oil to those who proposed price caps."

"Decision on oil output cuts is not taken yet."

"Decree responding to oil price cap will be announced in coming days."

Market reaction

Crude oil prices edged higher following these comments and the barrel of West Texas Intermediate was last seen trading at $72.65, where it was up 1.25% on a daily basis.