Novak: Russia will not pump oil at a loss. The United States hopes that there will be an agreement on capping the price of Russian oil by December. Russia’s exports of crude and refined products held resilient in June. Russia will not supply oil to the global markets if the price cap being discussed is set at a level below Russia’s cost of production, Russian Deputy Prime Minister Alexander Novak told state television on Wednesday. “If the price cap they are talking about is lower than the cost of crude oil production…naturally Russia will not supply that crude on the global markets, which means that we will simply not pump oil at a loss,” Novak was quoted by news agency TASS as saying. For weeks, the U.S. and partners have been discussing ideas to cut Vladimir Putin’s revenues, including banning all services enabling Russian oil shipments unless buyers pay […]