Russia has renewed its threat to completely stop selling oil and to sharply reduce production if a ceiling is placed on its oil prices.

Russian Deputy Prime Minister Alexander Novak said that his country undertakes not to export oil to any country that puts a ceiling on Russian oil prices.

Novak added that Moscow will redirect its oil supplies to its partners who use the market to set prices, or will reduce its production of crude, and warned that setting a ceiling on the price of Russian oil will lead to a decline in investment and a possible deficit in global supply.

Russia's oil production last month amounted to about 10,800,000 barrels per day, while its exports amounted to 4,700,000 barrels per day.

The Group of Seven major industrialized countries and the European Union are preparing to announce the price level of the Russian crude oil ceiling on the fifth of next December.

The decision aims to reduce Russian oil revenues while keeping Russian crude in the market, and the decision prevents companies from providing shipping, insurance and financing services to Russian oil shipments around the world, unless the oil is sold at a price lower than the declared maximum.

Goldman Sachs said the lack of clarity over the implementation of the price cap decision could add to market anxiety.

Today, oil prices rose slightly as the dollar weakened, but fears of a global recession and concerns about rising numbers of coronavirus cases in China affected demand from the world's largest importer of crude oil;

Which affected morale.